BTC/USD is Going Down

Dear Traders,

The BTC/USD has formed a descending move with multiple confluence points (arrows, diamonds and circles) suggesting further weakness and down-move.

7530 zone is the POC. Confluence at W H4 resistance suggest further move down. However, the price could also move lower below 7026 as we can see the CAMMACD sell signal there too. Targets are 6895, 6620 and 6487. Only a break above 7550 might make the BTC/USD neutral again. At this point it is strongly bearish.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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