Sunday Wrap-Up & Outlook — That's Not What We Wanted To See 🔴
Unfortunately, Bitcoin and altcoins have not continued to show strength today. On the contrary, we saw a couple of bearish signals today (although there are still 30 minutes to go until the daily & weekly candle closes):
Here's a short analysis and outlook:
🚨Bitcoin did not manage to rise above the EMA200. This can add additional sell pressure on BTC since many strategies use the EMA200 to define the trading direction (long or short)
🚨 If we don't see a significant change, Bitcoin will print a bearish engulfing candle on the daily chart, which is considered as a bearish signal — potentially followed by more substantial sell pressure (same applies to many altcoins).
🚨 Many altcoins slipped below their crucial support line (again).
🚨 The Asian sessions have been driven by solid sell pressure for a few weeks. Therefore, it is likely that today's bearish trend will continue and probably accelerate.