Bitcoin Drop Explained, Don't Get Too Comfortable

21 Nov 2020

I just shared a chart for Bitcoin, BTCUSD, on the 1H timeframe.

This chart describes this recent drop but in little detail... You can find it here:

Now, don't get too comfortable.

Bitcoin has been doing numbers and not following TA lately.

Also, you can see a wick take place and then prices resume growing... So be careful.

Do not use this information to trade.
Do your own research.

Now I will read the chart for you in detail.

Bitcoin Drop Explained!

Let's read the signals on this chart.

1) We have a shooting star on the new peak. (This is a bearish signal)
BTCUSD hit $18977... Wow! Great job Bitcoin.

2) Bitcoin hasn't been doing much correction/retrace but this is a normal part of market action. Things move up and down, up and down, so this is normal.

We wouldn't be surprised to see Bitcoin retrace, in fact, we welcome a retrace as this would signal HEALTHY growth.

3) The TD Sequential is now showing a negative count.

4) The MACD is showing bearish divergence and also a bearish cross (the MACD line crossing down the Signal line).

5) The MACD histogram is going red.

6) The RSI hit overbought 18-Nov. and is now starting to drop.

Note: Technically, Bitcoin is strongly bullish... Prices remain above EMA10, EMA21, and EMA50.

Only after Bitcoin breaks and closes below these levels we start to consider the bearish bias.

The above are what I call "early signals".

Do not trade on this chart alone, do your own research.

We don't trade these setups, we consider them to be high-risk and hard.

Instead, we look/focus on the smaller altcoins which are very, very, very easy to trade.

They have lower risk and higher potential rewards... I hope that makes sense.

Any questions?

Leave a comment!

Do you have a chart?

Share it with us!

How are you doing?

Thanks a lot for your support.

Namaste.

21 Nov 2020

Catatan

Bitcoin Dominance (BTC.D) Daily:
The indicators are also pointing lower.

4H:
(4H also bearish)

Weekly (W) still looks good:

21 Nov 2020

Catatan

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22 Nov 2020

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