Hi friends! Welcome to this quick update analysis on Bitcoin! There isn't much to add since the last update, except for the fact that BTC has made another run at the 50 EMA (in orange,) but has not been able to stay above it. On the chart, you can see that today's candle shows the wick piercing above the 50 EMA, but price has since retreated and is currently in the form of an inverted hammer. However, you can see since BTC tested the 50 EMA on the 8th, price has moved down and is not trending higher as we continue to test the 50 EMA.
If BTC can rally above the 50 EMA, and hold it as support we could see a rally to the top of the channel around 4500.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
If BTC can rally above the 50 EMA, and hold it as support we could see a rally to the top of the channel around 4500.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Comment:
Correction, I meant to say that price should rally to the top of the triangle, if the 50 EMA can act as support. From there, we would need to see an upside breakout from the triangle, like we did in 2015, for the top of the downtrend channel (4500) to be in play.