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Bitcoin Entering New Mark-Down Phase

By Russell ShorCryptocurrencyMay 16, 2018 11:37
za.investing.com/analysis/bitcoin-entering-new-markdown-phase-200197035
Bitcoin Entering New Mark-Down Phase
By Russell Shor   |  May 16, 2018 11:37
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Bitcoin Weekly
Bitcoin Weekly

This is the bitcoin weekly chart. It’s EMAs are in bearish formation. The green 5-week EMA is below the orange 13-week EMA, and the orange 13-week EMA is below the black 34-week EMA. If the black 34-week EMA turns down, all three EMAS will have a negative slope and would be indicative of an increasing downwards momentum on a longer-term chart. This may potentially lead bitcoin prices much lower.

Let’s take a look at the daily chart:

Bitcoin Daily
Bitcoin Daily


Bitcoin’s orange 13-day EMA is looking to cross below its black 34-day EMA (blue ellipse). If this happens the cryptocurrency’s daily EMAs will have set up in a bearish formation. The green 5-day EMA will be below the orange 13-day EMA, and the orange 13 will be below the black 34-day EMA. This is a characteristic of a daily mark-down phase, which may be the catalyst for the black 34-week EMA turning negative, which could be extremely bearish for the cryptocurrency.

Bitcoin Entering New Mark-Down Phase
 

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Bitcoin Entering New Mark-Down Phase

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