Bitcoin (BTCUSD) is now aiming to hit around $27000 in the coming days... That's ok but why do I say this?
Recently, Bitcoin's price peak at $42000 on 8-Jan., after four days of retrace we started to see a bounce... This bounce looked beautiful but not anymore.
This whole picture ended with a lower high, which means that lower we go.
The RSI is trending lower and the MACD as well.
We get a lower high after the bounce at EMA21, which means that we now test the next EMA.
This is EMA50 which is sitting at $27777... That's where we are headed next.
Note: This is all based on a daily candle closure below EMA10 ($36180). If prices reverse and the day closes above EMA10 this analysis is invalidated.
On a close below EMA10, we aim for EMA50 as the next support that Bitcoin is aiming to test.
The altcoins, all altcoins minus TOP10, will grow vs Bitcoin as this retrace takes place.
we are forming a double top now, if the bearish engulfing candle stays like it is in the next 5 hrs on the daily, then we are going back down to the 21k level or lower to the 2017 ATH.