Considering what has been happening in the world of crypto, you can say this has come about a week too late. You will be right to say so as I have spent the last few weeks promoting my new book. I apologise to my regular readers and hope to get back to publishing more often. With that out of the way, let’s get back to discussing Bitcoin. In late September, I wrote about how I believed Bitcoin falls to $6500 (please see the blog piece here if you’ve not read it). I have not changed my view as of yet.
Once again I refer you to the BTCUSD weekly chart with the EMA 21 & 55 as overlays. We see that the closing prices over the last 3 weeks are below the 21-weekly EMA. It is likely to continue. The chart also shows that the price just above the 55-weekly EMA. The volume profile chart overlay also reveals that there is activity at the $8325 and $6689 levels.
A glance at the BTCUSD daily chart shows that the 21-day EMA is below the 55-day EMA. Some may view my reasons as too simple but as I said, I am only stating that nothing has changed. I could get intellectual about it but then again, your guess is as good as mine.
Swap your cryptos here:
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