Bitcoin Weekly, Aims At $9100

8 Sep 2020

Bitcoin (BTCUSD) is now aiming at $9100 or EMA50 on the weekly timeframe...
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Last week we got a higher low and also a candle close below EMA10, signaling a switch from bullish to bearish short-term.

With prices now trading below EMA10, Bitcoin is aiming lower.

• The next support is sitting at $9100/$9250.
  
• Marked by EMA50 and the 0.382 Fib. retracement support for the bullish wave that started in March 2020.
  

The MACD is already trending lower

• A bearish cross is about to take place.
  
• We also have a lower high compared to Aug. 2019... Here we have bearish divergence since Bitcoin hit higher last month.
  

Depending on how EMA50 is handled, if strong volume comes in on the drop or buyers show up...
We will know what will happen next.

For now, we have a bearish bias and looking for lower prices unless Bitcoin moves back up and closes above EMA10.

Hit LIKE and leave a comment if you have any questions or something to say.

Thanks a lot for reading.

Previous chart | Sep 5 | Bitcoin What Now? 9.7K Or Lower? Altcoins Are Going To Bleed?

Previous chart | Sep 3 | Ethereum Breaks Below EMA10, Aims At $370 Followed by $320...

Namaste.