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Bitcoin Very Heavy Below $9,850

BTCUSD Weekly Price Chart (via Kraken) – Bitcoin looks very heavy below the 7-period moving average with the RSI-9 below 50 (framed) and a negatively oriented MACD. There is a huge empty space to be filled (red disk) below the descending resistance (blue line). We will probably now enter short Bitcoin again. Invalidation of short scenario with a decisive weekly close above the M7 average presently at $9,840 (framed).

4 Comments

  1. Shorted BTCUSD at $9,440

    Reply
  2. Was fast, stopped out.
    Looking to sell again from $9,750-9,800

    Reply
  3. Did not short again, waiting to see if this is a reversal in the making or only another retrace before lower again.

    Reply

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