Bitcoin trend-following indicators still heading down

Russell Shor, CFTe, MFTA FXCM

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.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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