Big Drop Incoming? Bitcoin 2020 Halving Around The Corner

Bitcoin (BTCUSD) has been rejected twice at EMA50, a very strong resistance which we mentioned in our previous analysis below.

The price is now moving below EMA10 ($7001), which means that a daily close below this level and we will see MORE DROP.


Bitcoin 2020 Halving

The 2020 Bitcoin Halving is around the corner and we are waiting for a final drop before this event takes place.

Seeing BTCUSD being rejected at EMA50 and prices moving below EMA10 surely puts the chart closer to this place.


BTCUSD Indicators

The RSI is still strong but trending down.
The MACD is on the bullish zone but starting to curve down and almost printing a bearish cross.

All these signals are telling us that Bitcoin can easily drop.


Conditions for change

If prices move back above EMA50 ($7149) the above signals become invalid.
Staying below EMA50 increases the chances of Bitcoin dropping and the bears gaining full control.

Where do you think Bitcoin is headed?

Share with us in the comments section below.

Namaste.


Previous analysis: