Bitcoin Weekly Closes Below EMA10 | Bear Mode | $7,929 Next?

Bitcoin (BTCUSD) just closed below EMA10 on the weekly timeframe, let's get back to the basics... Back to keeping it simple...

• Above EMA10 = Bullish potential
  
• Below EMA10 = Bearish potential
  

Bitcoin's bearish potential has been activated on this timeframe, if BTCUSD remains below EMA10, it is very likely to move lower and test EMA50, which is now sitting at $7929.

There is strong support at around ~$9,000 which needs to break first before EMA50 can be tested as the next support.

For Bitcoin to reverse, the first barrier to break is a close above EMA10 ($10,070). After this level is broken, we can consider higher targets on a bullish perspective.

Right now we are looking bearish.

Thanks a lot for your time.

Namaste.