BTC loses it's momentum, waiting for short trades.
Many of bearish signs possible appear on the daily chart, including: - A death cross (MA50 crosses down of MA200) might happen in this month. - Price gets rejected MA200 and moves sideways. - Volume is relatively low in comparison to last July-August 2019. - TRIX6 gets rejected 0 lines and crosses down of its MA8 (my indicator).
Support areas for buying back BTC: - Local support at around $7,500. - Weekly MA50 at around $6,600.
Explain more about my '[BTX] Triple TRIX + MAs indicator': - TRIX6 indicates the short-term direction of an asset. - TRIXs and their MAs crossing can generate bullish/bearish signals. - TRIX is a lagging indicator but multiple TRIXs and their MAs act as a leading indicator. - The 'Zero lines' is a frontier of positive/negative trends.
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A death cross is very likely to be formed on the daily chart. Besides, local support at $7,500 failed to stop the dump. BTC is heading to the $6,600 area (green rectangle on the chart).
@amitkejriwal01, sorry for did not update the idea.
BTC made a crazy 37% pump on a day that had a death cross. This pump did not follow technical analysis, but it gave a very good profit for those rides the wave.