What we know so far:
#1 BTC has been in a downwards channel for half a year (since June near $14,000 high). 50% retracement from June highs to near 3k lows would be around $8500.
#2 Weekly 55 EMA has been resistance for weeks. BTC has broken this resistance and challenged the 50% retracement level! (Very positive sign)
#3 The bear case would be the Weekly 200 MA which price has NEVER been below. This puts low $5,000 as a potential bottom if we can't break the 50% resistance zone.
#4 If BTC manages to break and close above $8,500, then we will enter a bullish wave and begin a battle to challenge the next major resistance at $9500-$10,000!
I will continue to monitor Bitcoin. If we fail to hold the 55 EMA, we may break down and then low $5,000 will be a real threat for all Bitcoin holders!
#1 BTC has been in a downwards channel for half a year (since June near $14,000 high). 50% retracement from June highs to near 3k lows would be around $8500.
#2 Weekly 55 EMA has been resistance for weeks. BTC has broken this resistance and challenged the 50% retracement level! (Very positive sign)
#3 The bear case would be the Weekly 200 MA which price has NEVER been below. This puts low $5,000 as a potential bottom if we can't break the 50% resistance zone.
#4 If BTC manages to break and close above $8,500, then we will enter a bullish wave and begin a battle to challenge the next major resistance at $9500-$10,000!
I will continue to monitor Bitcoin. If we fail to hold the 55 EMA, we may break down and then low $5,000 will be a real threat for all Bitcoin holders!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.