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:
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