Bitcoin trend-following indicators still heading down
Daily
Bitcoin’s green 3-day EMA is below its black 5-day EMA, with good angle and separation. Moreover the RSI(9) is below 50. This is indicative of selling pressure and broad-based bearish momentum. We note that key support is around the 13,000 level. A break below this level will keep the cryptocurrency in sell mode with bearish support from its daily RSI. For bitcoin to make any headway support needs to hold, the RSI(9) must pop above 50 and the trend-following indicators must level off as downward momentum wanes. This will potentially provide the base needed to take it higher.
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