Bearish Breakout Imminent for BTC-USD?


BTC-USD has hardly moved from today’s open, down just 0.07% on the BitStamp exchange so far today. The chart below illustrates the long-term outlook with the 4-hour price action and shows the current price as $452.58. The price action is currently trading within the Ichimoku cloud; a break below the cloud, i.e. a move below $451.28, should see bearish momentum dominate.

Also, the conversion (blue) line is trending downward, suggesting that this will be the direction of the market. The most recent close was above the conversion line, suggesting it is now providing support at $451.59; we should see the market extend lower if there is a close below the conversion line. Bearish momentum is indicated at present as the base (dark-red) line is well above the conversion line. Furthermore, notice that the Ichimoku cloud is starting to turn red, a possible signal that the market will move lower over the long-term.

However, the MACD is indicating bullish momentum as the histogram is positive. Sellers should look for a downward cross-over in the moving averages of the MACD to signal a switch in momentum. The market could alternatively break out of the

Read more ... source: TheBitcoinNews