Bitcoin Price News & Price Prediction - Today 4/29/2024, Technical Analysis

Welcome to Equityhub, I'm Brandon James and today I invite you to investigate Bitcoin with me, why I am shorting, and why I suspect the market is bearish.

First, let's take a peek at the linear regression.

In these current conditions and data set, it's obvious we are in a downtrend.

Upon closer inspection, using our Bill Williams Gator EMA, we can see a downtrend convergence being confirmed here, and a large growing divergence with plenty of momentum here.

Looking at the MACD, we further see that the convergence's downtrend was confirmed, as it couldn't break high peaks and was rejected.

This opens up an opportunity for the bearish divergence to fall here

Our awesome oscillator is also in the negative, with the meat of the bearish activity only confirming what our MACD informed us earlier.

With our relative strength index floating near the bottom, this indicates that the price action of BTC is lower than expected, this introduces new risk but also gives us an opportunity to catch a bottom, due to the bearish momentum

Finally, looking at our mean reversion channel, as indicated by the two red lines, we can see that price barely scratched the bottom here, instantly retracing to the mean.

This means, with adequate risk in mind, we can expect the price to have an opportunity to drop into the lower channels of the mean reversion.

And for the previous reasons, that's why I am choosing to short bitcoin today. Thank you for watching and I hope you have learned something useful, please consider subscribing if this content interests you and you would like to see more.