Bitcoin Weekly TA Starts To Look Bearish

Oct 4, 2020

The technicals on the weekly Bitcoin (BTCUSD) chart are now turning bearish.

For the first time in many months, prices are now moving to close below EMA10... Switching the potential from bullish to bearish.

(Note. The above signal is only confirmed once the weekly candle closes tomorrow).

The weekly MACD is showing a clear bearish bias... The histogram has gone red and a bearish cross took place:

The RSI is still strong though and prices remain trading above EMA21... We can say mixed signals.

But, we have the bad news of the US President testing positive for COVID-19 which can lead to uncertainty within the markets.

Uncertainty can be considered a bearish signal.

What's your take?

Namaste.