Bitcoin 9K Not Yet Confirmed? From Bullish To Neutral

2 Okt 2019

Bitcoin (BTCUSD) isn't out of the bear hands yet short-term, the move to $9000-$9200 isn't confirmed, but why?

As you can see in the chart above, Bitcoin is still trading below EMA10, which is now sitting at $8547.

For Bitcoin (BTCUSD) to signal bullish potential short-term, we need a close above this level. Since Bitcoin is trading below it, it has the potential to continue dropping or consolidate some more before its next move.

$7,700 Is now the main support that needs to hold short-term for Bitcoin to bounce on a drop.
If Bitcoin starts to move down, this is the level to watch...

If this level holds on a drop, you can expect a quick bounce and move up.
If Bitcoin drops and $7,700 breaks, we can expect it to move lower.

• The RSI hit its lowest since November 2018 and is hovering near the weak/oversold range.
  
• Volume is weak and favoring the bears.
  
• Bitcoin is now consolidating its last drop... And what happens while Bitcoin consolidates?
  

...The altcoins continue to grow...

Conclusion
We are now neutral on Bitcoin short-term with sideways-bearish tendencies. After EMA10 has been conquered, we look at Bitcoin from a bullish perspective on this timeframe.

Where do you think Bitcoin will go?

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Namaste.