Looks like BTC is about to flex and keep the slaughter going for the alt's, if it manages to close above 62 today. We are still moving inside this year old descending channel, we got a double bottom confirming the strong support of the same. We also created a round bottom and appear to have conquered all the EMA's. When you add the amount of money that came into the market in the last 48 hours it's is completely possible the dominance will grow with it. Every time we have touched the 200 EMA it has acted as a weak support and a strong resistance, every time we break it to the upside it seems to be followed by a small rally at least until the other EMA's catch up, with the 20, 50, 100 all pointing up and about to cross each other and three green daily candles in a row, I believe we will see an attempt to break out of the channel soon.
Comment:
It could not manage to close above 62, it got a really strong pullback and we can see as previously pointed out, the 200 EMA kicked it back all the way back to 57.1 in a wick (observed on the daily at the hour of publication, could be just a glitch). Looks like next alt season might be starting soon but I'm still neutral on the chart, tilting more to the bearish after yesterday's close and strong rejection at the 62 resistance.