Intro:
What a week for Bitcoin! We opened the week just slightly under 40k. Now we're trading at 43.8K and as high as 45.5k earlier today! Despite these decent gains this week, we're still trading below the 200 MA. Although there's a good chance we might close above it tonight, it looks like we're gonna get rejected at the time of this post. This should be an indication that we're not out of the woods yet. Therefore, here are the three possible scenarios in the coming weeks.
Scenario:
Scenario 1: Momentum Breakout
The momentum which started two weeks will continue. Price rips higher with little to no pullback.
Scenario 2: Re-test Resume off
Price gets rejected most likely at the 200MA. Price pullbacks slightly before another attempt for a breakout occurs, this time successfully breaking the 200 MA
Scenario 3: Rejection
False Breakout! Price rejects the 200 MA. Price may return to the sandbox range between 30-40k
What a week for Bitcoin! We opened the week just slightly under 40k. Now we're trading at 43.8K and as high as 45.5k earlier today! Despite these decent gains this week, we're still trading below the 200 MA. Although there's a good chance we might close above it tonight, it looks like we're gonna get rejected at the time of this post. This should be an indication that we're not out of the woods yet. Therefore, here are the three possible scenarios in the coming weeks.
Scenario:
Scenario 1: Momentum Breakout
The momentum which started two weeks will continue. Price rips higher with little to no pullback.
Scenario 2: Re-test Resume off
Price gets rejected most likely at the 200MA. Price pullbacks slightly before another attempt for a breakout occurs, this time successfully breaking the 200 MA
Scenario 3: Rejection
False Breakout! Price rejects the 200 MA. Price may return to the sandbox range between 30-40k