Bitcoin has bounced off the $56,000 EMA20 exponential moving average today, suggesting that the bulls are piling on dips. Buyers will now try to push the price to the upper resistance zone of $61,000 to $64,000
However, today's candle wick shows that the bulls are struggling to hold the price above $58,000. If the buyers fail to do so, the bears will try a new attempt to sink the price below the EMA20.
BTC start a correction to $52,000 and then to $50,000. A bounce at this level could keep the pair in range for a few more days.
Alternatively, if the bulls defend the EMA, it will signal strength. If buyers can keep the price above $58,000, the pair could begin a gradual climb towards the upper zone. The next stage of the uptrend can begin after the pair rises above $64,000
If we notice, BTC is making an attempt at Pattern M but the orders blocks suggest that at 50k-50.2k there is a high enough demand zone to drive the price higher.
Adding that the RSI in the 2h chart is trying to go back up, at a similar level to the previous fall, or maybe we could go down outside the scale zone where we usually are and bounce strongly upwards.
If we notice the MACD in 2h it does not sound like a bearish loss of strength, although there is a strong demand for Orders in 55k as mentioned where we could see the pullback. Going down from 53k we could expect a longer correction.
However, today's candle wick shows that the bulls are struggling to hold the price above $58,000. If the buyers fail to do so, the bears will try a new attempt to sink the price below the EMA20.
BTC start a correction to $52,000 and then to $50,000. A bounce at this level could keep the pair in range for a few more days.
Alternatively, if the bulls defend the EMA, it will signal strength. If buyers can keep the price above $58,000, the pair could begin a gradual climb towards the upper zone. The next stage of the uptrend can begin after the pair rises above $64,000
If we notice, BTC is making an attempt at Pattern M but the orders blocks suggest that at 50k-50.2k there is a high enough demand zone to drive the price higher.
Adding that the RSI in the 2h chart is trying to go back up, at a similar level to the previous fall, or maybe we could go down outside the scale zone where we usually are and bounce strongly upwards.
If we notice the MACD in 2h it does not sound like a bearish loss of strength, although there is a strong demand for Orders in 55k as mentioned where we could see the pullback. Going down from 53k we could expect a longer correction.