BTC/USD
Bitcoin is respecting the 200MA on the 4H time-frame as the price bounces off 2x.
The area where the 200MA coincides with previous resistance and it is now looking to be new support in the short-term.
If BTC can hold these current levels for the next 24-48hrs.
We may see a temporary bounce up to 9.9k regions where the downward trend-line resistance is located which will stop Bitcoin from going higher.
From that point, we will have to observe how the market will react and decide on our next move.
Bulls are still holding the situation but the worst-case scenario if BTC falls below the 200MA and unable to get above it again.
We will see a deeper correction in the longer term.
Bitcoin is respecting the 200MA on the 4H time-frame as the price bounces off 2x.
The area where the 200MA coincides with previous resistance and it is now looking to be new support in the short-term.
If BTC can hold these current levels for the next 24-48hrs.
We may see a temporary bounce up to 9.9k regions where the downward trend-line resistance is located which will stop Bitcoin from going higher.
From that point, we will have to observe how the market will react and decide on our next move.
Bulls are still holding the situation but the worst-case scenario if BTC falls below the 200MA and unable to get above it again.
We will see a deeper correction in the longer term.
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