BTC/USD - Bearish chart indicates more sideways to come.🙄

3 thg 4, 2021

Bitcoin has been rejected at 60k which turned the bias bearish in the near future and I expect BTC to either range between 57k and 60k as indicated by the Fibonacci levels or if we get more sellers, we may fall to 55k which will be a strong support level.

As you can see on shorter timeframes the indicators are bearish. MACD is falling and on 8h we just crossed on the negative side. Daily indicators are still flat so no real trend there, we need to set a new ATH to get bullish or break 54k to become bearish on daily timeframe.

What is interesting is that the volume on this drop was quite low, therefore if this continues, this dump won't have much strength to take us lower. Lets see if we bounce on the 57k level and attempt again to break 60k. Another rejection there will be quite nasty.

In any event, this intra-day price action is nothing to be too concerned about, BTC still looks very bullish on higher timeframes and until we break under 54K there is not much to worry about.

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