Increased rigged Bitcoin activities with Smart-Money market makers trapping innocent participants to go long while pushing prices down, this is what happened now and Bitcoin reversed with bearish determinations and moving into previous supports allowing market makers the ability to accumulate further. This was the case. Before making any decisions on the future of Bitcoin, it is essential to wait for the correct confirmations.
The support rests at 60566.07 with resistance at 61727.97 which the price is below the Pivot Point at 61053.63 located between the lines. The EMA of 10 is showing a bearish bias in the descendant channel, and it is going to reach to the EMA of 100. Both EMA of 100 and 200 are moving upward and generating a buy signal. The RSI is moving toward the level of 30, the MACD histogram is in negative territory with the signals showing downward momentum and the Stochastic is moving in low ranges. The ADX is not showing a buy signal.
The price is below the Ichimoku Cloud and the Chinkou Span is far away the market price. The Tenkan-sen and the Kijun-sen are both showing a downward momentum.
• There is resistance at 61727.97, followed by resistance at 62215.53 and 63377.43.
• There is support at 60566.07 Below, there is 59891.73 and 58729.83.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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