USING 3 DAYS TIMEFRAME CHART
Decision time is getting close for bitcoin.
If the price fails to break above 9650 price could go back down to test the 20D EMA. For support and it it fails to serve as support let’s hope the 50D MA does. The 50D MA has acted as a resistance for long time but bitcoin was able to break it few weeks back. It has been tested as a support ones and we did get a nice bounce from it So pay close attention to the 20D EMA, it has diverted from the 9k level twice. The first diversion from this level leads to a long bear market and the price of bitcoin was below the 50 D MA. For 317days. Bitcoin was able to break above the 50D MA after we had a golden cross. The good news is, we just had a golden cross, the last time this cross happened bitcoin went on a parabolic move to 13k.
The second diversion happened in November 2019 and the price dropped about 27 percent. Can the golden cross serve as a catalyst for the 20D EMA. To break the 9k level this time?
My prediction, I think since the 20 EMA was able to break above the 50 MA, the 50 MA should serve as a support for the 20 EMA. Currently the 50D MA is the one carrying the price of bitcoin, if the 20D EMA successfully break above 50D MA it should take over the price movement from the 50D MA pending when the 20D EMA will be able to break away from the 50D MA. And push the price higher to 13,000.
All those scenarios will only play out if golden cross is not a Fakeout and the 20D EMA doesn’t fall back below the 50D MA.
Decision time is getting close for bitcoin.
If the price fails to break above 9650 price could go back down to test the 20D EMA. For support and it it fails to serve as support let’s hope the 50D MA does. The 50D MA has acted as a resistance for long time but bitcoin was able to break it few weeks back. It has been tested as a support ones and we did get a nice bounce from it So pay close attention to the 20D EMA, it has diverted from the 9k level twice. The first diversion from this level leads to a long bear market and the price of bitcoin was below the 50 D MA. For 317days. Bitcoin was able to break above the 50D MA after we had a golden cross. The good news is, we just had a golden cross, the last time this cross happened bitcoin went on a parabolic move to 13k.
The second diversion happened in November 2019 and the price dropped about 27 percent. Can the golden cross serve as a catalyst for the 20D EMA. To break the 9k level this time?
My prediction, I think since the 20 EMA was able to break above the 50 MA, the 50 MA should serve as a support for the 20 EMA. Currently the 50D MA is the one carrying the price of bitcoin, if the 20D EMA successfully break above 50D MA it should take over the price movement from the 50D MA pending when the 20D EMA will be able to break away from the 50D MA. And push the price higher to 13,000.
All those scenarios will only play out if golden cross is not a Fakeout and the 20D EMA doesn’t fall back below the 50D MA.