Bitcoin: Signs of bearish takeover - 52k coming?
It's a strange situation: Imagine, every day there is a lot of bullish news about Bitcoin that has the potential to impact the price in a sustainable way. On the other hand, the Bitcoin chart shows more and more bearish signs.
Therefore, before going into details, I want to clarify that the medium and long-term scenarios have not changed and remain bullish. However, we must also consider the current and short-term setup which has turned bearish.
Bearish Sign#1— Double Top
On the daily chart, Bitcoin has a bearish double top pattern printed on it. We had a similar pattern in May and June, which got us to 53k in early July.
Bearish Sign#2— Uptrend broken
After reaching 53k, Bitcoin reversed and rose to 70k. However, just yesterday, Bitcoin broke this trend on the daily chart.
Bearish Sign#3— Bearish MACD Crossover
Bitcoin has printed a bearish MACD crossover on the daily chart. Again, the same thing happened in June following the double top pattern.
What's next?
Technically, Bitcoin's setup doesn't look very promising. It will be important to see if the 63k support level holds. If not, a drop to 52k becomes more and more likely!
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