BITCOIN PULLS BACK FROM PARABOLIC HIGHS

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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