On the daily chart we see
BTCUSD
strugling to stay above the 50MA trendline (currently at 29,6k). If the 50MA line switches from support to resistance, the next stop is the 200MA trendline (at 27k).
On the bullish side, if
BTCUSD
manages to get back above the 50MA line, and retest it for support, we could see another run at the 31-32k resistance zone. Another bullrun is possible if 32k is broken and switched to support.
The 4h chart gives a more detailed look. On the 4h chart the 50MA and 200MA line were already lost as support (since 14th of july). Yesterday BTC was able to rise above the 50MA line but was unable to pass the 200MA line. We might have some consolidation between these two levels.
If BTC finds enough support on the 50MA line and breaks above the upper 200MA line, it is likely that the 50MA line on the daily chart will also be broken and we will get a run for the 31-32k resistance zone.
On the other hand, if BTC drops back under the 50MA line (4h chart) we will probably see a further decline on the daily chart and a retest of the daily 200MA line.
BTCUSD
strugling to stay above the 50MA trendline (currently at 29,6k). If the 50MA line switches from support to resistance, the next stop is the 200MA trendline (at 27k). On the bullish side, if
BTCUSD
manages to get back above the 50MA line, and retest it for support, we could see another run at the 31-32k resistance zone. Another bullrun is possible if 32k is broken and switched to support. The 4h chart gives a more detailed look. On the 4h chart the 50MA and 200MA line were already lost as support (since 14th of july). Yesterday BTC was able to rise above the 50MA line but was unable to pass the 200MA line. We might have some consolidation between these two levels.
If BTC finds enough support on the 50MA line and breaks above the upper 200MA line, it is likely that the 50MA line on the daily chart will also be broken and we will get a run for the 31-32k resistance zone.
On the other hand, if BTC drops back under the 50MA line (4h chart) we will probably see a further decline on the daily chart and a retest of the daily 200MA line.
Comment:
At the moment BTCUSD is making another run for the 50MA line. Will it be just a retest of will it be a breakthrough? Let me know in the comments what you think...
Comment:
BTC wasn't able to break the 50MA resistance line (4h chart) and dropped back under the 200MA line.
Currently BTC seems to be struggling at the 29k support line. If BTC closes under the 29k line, we could see more downside. Next possible (weaker) support is at 28,5k but the real support is at the daily 200MA line near 27-27,5k.
Currently BTC seems to be struggling at the 29k support line. If BTC closes under the 29k line, we could see more downside. Next possible (weaker) support is at 28,5k but the real support is at the daily 200MA line near 27-27,5k.
