BTC Short Signal Flashed as Price Taps Lower Support Levels
Bitcoin's weekly close has triggered a fresh short signal, according to Trend Precognition. The price action played out in a predictable manner, as Bitcoin initially rejected the 50 Week SMA and dropped to $77k before spiking up to $79.4k to clear shorts.
The price then closed below the crucial $78,380 Timescape line, confirming the short signal. At the time of writing, the price is holding at $78,595.32, still above the EMA50 support at $77,362.71.
However, a warning sign is flashing in the form of the MACD death cross, which stands at -21.25, indicating momentum loss. The neutral RSI reading of 53.08 is also contained within the Bollinger bands, suggesting that the price may test lower support near $76,869.84 before any potential continuation higher.