After every struggles and fights between the bears and the bulls. Its very obvious that bear has won the battle for the time being.

presently as of writing, bitcoin is at $5642 on BINANCE

Bitcoin has tested the same support we have in November 2017 when we have the price at $5600 range.

From the chart above we can see bitcoin has tested this major support. if this support breaks, then we have more than to go. if we see a bounce. then bearish scenario has been terminated. This is backed up with two very strong indicators (RSI and MACD)

Looking at the technical indicators:     

TIME FRAME: Daily Time frame

RSI: RSI has reach overbought section because its below 20

MACD: We are having a flat sideway movement on the daily time frame on the moving average cross and on the histogram.

STRONG SUPPORT: $5500 USDT

SIGNAL: wait for a divergence before entering a trade.

Conclusion: Above all, with all eyes have seen on charts and indicators, its very much expected of you to wait until a bullish divergence is confirmed with volume on the daily time frame.

 

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