Bitcoin - July 14, 2020 (Bearish)

14 Jul 2020

BTCUSD


Hi everyone,

I'm not usually sharing my analysis, but I will do it now.

OPINION: bearish

ANALYSIS:

• Since the beginning of June, we are in a descending triangle (black), with base around 8,930 (the .236 Fibonacci retracement).
  
• On July 8 we saw a failed bullish break-out from the descending triangle, at the end of a +/- 10-day upward trend, that started on June 27 (green line).
  
• After the that failed bullish breakout:
  - we are (again) below the 21 daily SMA (blue) and EMA (red);
  - we are forming a smaller descending triangle (blue and magenta), with base around 9,150.