#Bitcoin = Daily Analysis = 16.07.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading

Today $BTC closed with a standard bearish continuation candle, second in a row. No sign of bullish reversal yet. The odds are bearish on all time frames. Let’s explore the hypothesis.

Daily
A regular bearish candle was formed today. MACD and RSI support the decline. All the monthly, weekly and daily prices are trailing well below the 8 EMA on each chart.
Note that the price has tipped below 50w MA on the weekly chart – we will see if if closes like this tomorrow.

At least two strong green candles closed above 20 EMA line ~$33.3k should happen before I consider the first sign of a rally off the bottom.
Odds: Bearish

Other Cryptos:
For reference, ETH, LTC, ADA, and BTC produced bearish continuation patterns. BTC has the weakest one among all.

Forecast

I expect a continued slow decline tomorrow. The level to watch – $31.8-31.9, 50w MA. BTC could make an attempt to close the week above this level.
I hope the the daily and weekly candles tomorrow could provide more clarity about wave structure and short-term targets.

The long term perspectives and the chart can be found in the Monthly Analysis by the link below.

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Previous Weekly Analysis:

Previous Monthly Analysis:

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