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Technical analysis on the 4 hour timeframe.
50sma/200sma set up. 50 crossing 200 is a bullish indicator. As you can see we are bouncing off of the 50sma. This is bullish in nature.
Next key: we must break 20950 to break further up. A lot of resistance here.
To conclude, 50sma remains above 200sma giving us an opportunity to breakout passed 20950. In that case it may signal the start of bitcoin recovering to 25-30k and beyond, as 50sma will likely cross 200sma on the 1 Day chart also.
Thanks traders, let me know your thoughts.
Technical analysis on the 4 hour timeframe.
50sma/200sma set up. 50 crossing 200 is a bullish indicator. As you can see we are bouncing off of the 50sma. This is bullish in nature.
Next key: we must break 20950 to break further up. A lot of resistance here.
To conclude, 50sma remains above 200sma giving us an opportunity to breakout passed 20950. In that case it may signal the start of bitcoin recovering to 25-30k and beyond, as 50sma will likely cross 200sma on the 1 Day chart also.
Thanks traders, let me know your thoughts.