BITCOIN PULLS BACK FROM PARABOLIC HIGHS

fieldsofgold (41)in #bitcoin • 6 years ago

BITCOIN

Bitcoin is lookin for a slump down and a major massive bounce upward would be indicated in the next two weeks if the $7100 range holds. Bears are now in control. Bitcoin has gone straight up for over four months and this is the first rejection and end to a Bullish trend. Bitcoin lost the top and has gone below the top bollinger band. BTC closed below the 50 EMA on two consecutive candles on the 12 hour.

#BITCOIN Daily range: $7600 - $7900

Bear range $7200

Bull range $8050 looks solid

Short time frame range: $7950 - $8250

Bulls need to break above $8250 to reaffirm control
CME stoch has confirmed short time frame to the downside
Risk of trading capital lacks appropriate gains unless scalping

SPY OVERALL DIRECTION

S&P is a good reference point. If you are trading traditional markets keep an eye on SPY. Both Friday and Monday indicators flagged to the downside and the daily shows rejection.

Rejection on the 21 daily EMA, 280 is the target
More downside targets the 269-270 range

For educational purposes only. This is not financial advice. DYOR
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