BTC $16,500 Double Confirm, Re-Confirmed, Multiple Confirmations

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
My friends, Bitcoin is now looking like it can easily test EMA50 as the next support level ... EMA50 is sitting at $16700.

Typically, when we use the MAs as an indicator for support, the price doesn't stop exactly at the MA line but instead, a wick is left behind.

So, if Bitcoin is to continue lower and test EMA50, we are likely to see a wick that goes to $16,500 or even lower.

Note: This is not to say that this is the only possible scenario... The charts are always changing and each day a new candle is printed.

We can see prices move back above EMA21, and EMA10 and this would cancel out our bearish view.

As the chart is looking now, BTCUSD is trending lower.

The MACD is pointing lower (moving lower, red histogram and below the Signal line).

The RSI has gone below 50 on the daily for the first time since October. The RSI is now also trading below support.

We now have multiple confirmations as shown by the chart signals that Bitcoin can easily drop.

This isn't something bad...
The market moves in cycles, that is how things go.

Prices go up, prices go down...
But after we go down, eventually, we go back up.

Thanks a lot for your support.


Previous chart | Bitcoin To ~$16,500 Now Confirmed! (Dec. 8)
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rip this theory :D
+2 Reply
This guy REKT alot of people in 2018 with his bullshit shortcall charts, BEWARE
+1 Reply
don't you think that's too many indicators
+1 Reply
I've seen price action like that suddenly reverse and go madly against the so-called confirmation.
+1 Reply
alanmasters Captain_Walker
@Captain_Walker, Most people would say we have "bullish confirmation"... So it can all turn.

Forget the title... Look at the signals on the chart.

sir-rekt-alot alanmasters
@alanmasters, teri gaand main dandai, namaste ke bhadwe
amin786 Captain_Walker
@Captain_Walker, and that's exactly what happened
not going to happen. we will never see a $16500 bitcoin ever again. I dont need any analysis to know this
Good analysis! ✅
Nice analysis mate
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