Update On Bitcoin: BTC Shorts Plummeting Despite Bearish Signs

in #bitcoin • 5 years ago

Weekly chart:

Bitcoin is beginning the new week with a further rejection at the 55 weekly Exponential Moving Average. After the bullish cross a few weeks back, the MACD is slowly detaching from the signal line, but is still in the bearish zone. The MACD histogram is also increasing steadily.

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BTC weekly.png

Bitcoin Daily

I've readjusted the Fibonacci retracement to the current high (40$ higher). Despite the RSI being still very high in the overbought area (80 mark currently), the price doesn't seem to correct yet. The MACD histogram has plateaued (even decreasing now), which might be an early sign for the correction. I'm still thinking that a retrace to the 200 day MA (grey) and even the 0.5 Fibonacci retracement (4300$ - previous resistance) would be very healthy for us.

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BTC daily.png

Closer Look 4h:

Very clear bearish divergence on the RSI and a MACD rejection at the signal line. At the moment the 21 EMA (yellow) is holding us, but a short sell-off to the 55 EMA (blue) isn't excluded.

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BTC 4h.png

Longs Vs. Shorts

The Bitcoin Longs are rising insanely today, while the Shorts are plummeting. It's actually kinda scary to see so many Shorts being suddenly closed. Perhaps whales preparing for a further price spike?

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btc LONGS SHORTS.png

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5 years ago in #bitcoin by
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     5 years ago 

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