Looking at Bitcoin (BTCUSD) on the 1H Time Frame, a drop is already in place:
- Trading below EMA10 and EMA50.
- Challenging EMA100 to the downside.
- Gaining momentum.
- Indicators bearish.
- Volume coming in.
We are looking for support around EMA200 or $7800 first, followed by $7700 and finally $7600. This is a short term analysis.
Conditions for change: If BTCUSD can remain above $7900, move up and close above EMA10, the above signals become invalid and a new analysis is needed. As long as BTCUSD remains below EMA10 and EMA50 the bearish potential remains.
Thanks a lot for reading.
Remember to hit like.
Namaste.
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