It is nice to see the candlesticks above both the 20 EMA and EMA ribbon once again. In the past few days, candles have been closing below the the 20 EMA and even reached the middle part of the EMA ribbon with strong selling pressue as seen in the volume. This is a healthy correction/ consolidtation for BTC, throwing out the weak hands because overall, the long term trend of BTC is obviously bullish.
Bullish momentum will continue as long as the prices close above 20 EMA and EMA ribbon, but also has to be backed up with strong buying pressure. Otherwise we might retest the lower targets of 48000 to 50000 once again.
I am open for feedback, suggestions and advice. Thanks!
Bullish momentum will continue as long as the prices close above 20 EMA and EMA ribbon, but also has to be backed up with strong buying pressure. Otherwise we might retest the lower targets of 48000 to 50000 once again.
I am open for feedback, suggestions and advice. Thanks!