I have said time and time again that bitcoins 1hr chart is showing us where bitcoin will be going in the short term. The main indicators I use to determine bitcoins path is both the 50EMA and the 200SMA.
We can see over the past few days sellers have been taking control of the market testing the support of bitcoin and formed a slanted head and shoulders. The sellers attacked bitcoin again and failed.
As I have stated many times the 200SMA of bitcoin on the 1hr chart is major support (short term) and this consistent test of that level shows that. We can see sellers again and again attacking this level but there are always buyers waiting at 200SMA .
At this point bitcoin has once again found itself above the 50EMA this is a very good indication even though we saw a weak buyers rally off of the 200SMA. If buyers can get well above the 50EMA and stay above it bitcoin is in a neutral state not bearish or bullish.
We can see over the past few days sellers have been taking control of the market testing the support of bitcoin and formed a slanted head and shoulders. The sellers attacked bitcoin again and failed.
As I have stated many times the 200SMA of bitcoin on the 1hr chart is major support (short term) and this consistent test of that level shows that. We can see sellers again and again attacking this level but there are always buyers waiting at 200SMA .
At this point bitcoin has once again found itself above the 50EMA this is a very good indication even though we saw a weak buyers rally off of the 200SMA. If buyers can get well above the 50EMA and stay above it bitcoin is in a neutral state not bearish or bullish.