Technical analysis by Madrid about Symbol BTC: Sell recommendation (9/11/2023)

After three impulsive waves Bitcoin started to show signs of weakness. It already broke the main trend. The Momentum went to the negative side, it signaled the start of a negative wave. The volume imbalance is on the bear side. To go long on this one we have to first wait for it to find support, if this makes a lower low, then it is going to be game over for a while. If this makes a higher low or a support in the 16K level then we will see if a positive momentum divergence is formed. If not, then it's time to send the crypto currencies to the fridge for a while.