The Picture for Bitcoin Is Still Bearish

It’s not quite time to buy Bitcoin, but a small bounce could be approaching… [Jeff Clark's Market Minute]( The Picture for Bitcoin Is Still Bearish By Jeff Clark, editor, Market Minute It’s not quite time to buy Bitcoin. The King of Cryptocurrencies has farther to fall. We turned bearish on Bitcoin [back in April]( when we first noticed its seasonal tendency to fall during the summer months. We reiterated that bearish stance [two weeks ago]( just as its various moving averages morphed into a bearish configuration. Last week, Bitcoin broke down. It lost the support of the $60,000 level and traded all the way down to $54,000 before buyers stepped up to rally Bitcoin back to $57,000 yesterday. While buying Bitcoin here at $57,000 is more favorable than buying it at $70,000, it seems to me like it’s still too early. The King of Cryptos is certainly oversold enough that it could bounce from here. Maybe it could pop back up towards the $60,000 level that was previous support and is now resistance. But Bitcoin isn’t set up to start a strong, new, intermediate rally phase. It still has work to do on the downside. Recommended Link [Elon Musk’s PRIME is Set to Shock the World]( [image]( Eric Fry, the legend who picked 41 plays that jumped 1,000%+… [Just recorded this video outside Elon’s headquarters…]( Exposing his crazy AI experiment known as PRIME. [Click here to see the details]( because it could change humanity as we know it… And make a lot of people wealthy in the process. [Click here to learn more.]( -- Could Bitcoin Bounce Back? Take a look at this updated chart… [(Click here to expand image)]( Bitcoin has been on a one-way path lower for most of the past month. The momentum indicators at the bottom of the chart have been moving lower right along with it. This tells us the downtrend is strong and intact. The Relative Strength Index (RSI) does show some slight positive divergence – meaning it is holding above its previous low while Bitcoin made a lower low. But that divergence could be negated if Bitcoin continues lower. And, since the MACD and CCI indicators do NOT have positive divergence, the odds favor more downside. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. Bitcoin is oversold enough in the short-term to justify a brief bounce attempt over the next few days. Perhaps a rally back up to the breakdown level ($60,000) is in the cards. Bulls should hope that rally is strong enough to pull the momentum indicators far enough off their lows that they’ll make higher lows during Bitcoin’s next decline. That action would create positive divergence on the momentum indicators. And that will set the stage for a significant, intermediate-term rally phase. At the moment, though, the best the bulls can hope for from here is a short-term bounce. Best regards and good trading, [Signature] Jeff Clark Editor, Market Minute [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Jeff Clark Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-800-752-0820, Mon–Fri, 9am–7pm ET, or email us [here](mailto:contactus@jeffclarktrader.com). © 2024 Omnia Research, LLC. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Omnia Research, LLC. [Privacy Policy]( | [Terms of Use](