Bitcoin: Bearish Signs Take Over — 52k Incoming?
It's a strange situation: Imagine, every day, there are tons of bullish Bitcoin news that have the power to impact the price sustainably. On the other hand, the Bitcoin chart shows an increasing number of bearish signs.
Therefore, before going into the details, I want to make clear that the mid- and long-term scenarios haven't changed and remain bullish. However, we must also look at the current and short-term setup, which has become bearish.
Bearish Sign #1 — Double Top
On the daily chart, Bitcoin has a bearish double-top pattern printed on it. We had the same pattern during May and June which sent us to 53k at the beginning of July.
Bearish Sign #2 — Broken Uptrend
After reaching 53k, Bitcoin reversed and rallied to the 70k level. However, just yesterday, Bitcoin broke this trend in the daily chart.
Bearish Sign #3 — Bearish MACD Crossover
Bitcoin printed a bearish MACD crossover on the daily chart. Again, the same happened in June after the double top.
What's Next?
Technically, Bitcoin's setup doesn't look promising. It will be important to see if the support at 63k holds. If not, a drop towards 52k becomes increasingly likely!
