Like I Said, Don't Freak Out. Bitcoin's 50 EMA is Holding! (BTC)
Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily chart, we can see that the 50 EMA (in orange) is STILL holding. Just as I told you on the last analysis, BTC remains bullish. In fact, it is now even MORE bullish than it was before, because we've turned to the 50 EMA and half it as support, thus far. Don't forget that the 50 EMA has been massively resistive for the entire bear market. Now, we have broken above it, and BTC is currently holding it as support. If it continues to hold, that is a major turning point in the market that should not be ignored. As long as the 50 EMA holds, the target is at the top of the downtrend channel (in blue) somewhere in the mid to low 4000s.
Looking closer at the recent price action around the 50 EMA, we can see that price did temporarily break below it a few days ago, but BTC rallied back above the 50 to produce a dragonfly doji. Additionally, that candle bounced off of the top of the triangle (in black.) So, not only did the 50 EMA hold, but the top of the triangle held support. As long as that continues to be the case, the top of the downtrend channel will be the target.
On the MACD, we did get a bearish crossover, but that is expected as the market consolidates here. If we break down below the 50, and expand lower on the MACD on high volume, then that could slightly change things. However, that is not currently the case. The data currently shows us holding critical support, and unless it is broken, the top of the downtrend channel remains the target for the short term.
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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-
Looking closer at the recent price action around the 50 EMA, we can see that price did temporarily break below it a few days ago, but BTC rallied back above the 50 to produce a dragonfly doji. Additionally, that candle bounced off of the top of the triangle (in black.) So, not only did the 50 EMA hold, but the top of the triangle held support. As long as that continues to be the case, the top of the downtrend channel will be the target.
On the MACD, we did get a bearish crossover, but that is expected as the market consolidates here. If we break down below the 50, and expand lower on the MACD on high volume, then that could slightly change things. However, that is not currently the case. The data currently shows us holding critical support, and unless it is broken, the top of the downtrend channel remains the target for the short term.
Be sure to hit that follow button, and find me on Twitter, via the twitter link on my profile page, for more MagicPoopCannon content!
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-