BTCUSDBitcoin has been in an uptrend for about 42 days, getting everyone bullish. However, MACD is about to give us a sell signal for the first time in 42 days, we had a Shooting Star Reversal Pattern on July 30, July 20, which lead to several days of decline. And it seems it is making one today.
We have been trading in a channel, if we break below previous support at about $20,700 USD, then we could be looking to making new lows on this Bear Market. We need to break above $24,700 USD to continue the uptrend.
Also, the 55 EMA is acting as resistance.
My bias is to the downside, but we’ll have to see.
Good Luck to You.
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