dennisdaiber

BTC/USD bounce or breather?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
With the bitcoin price at $8400 the question arises, is it a bounce or a breather before breaking a major support level?

On a daily chart , the VPVR indicates that there is a significant volume within this price range in between the 200-day Moving Average and weekly EMA ribbon. BTC tested the ribbon twice in the past week and once again it was proven to be a significant support level , as it was able to hold the price above. As mentioned in our previous issue, bitcoin has never broken above the weekly EMA ribbon without a massive and continuous bull run and this is still valid today. However, it does not mean that bitcoin price is safe from falling further. If breaking below the $7700, BTC is expected to show a significant drop, at least till the next support at $7200.

In bullish turn of events, if bitcoin can break and close above the 200-day MA at $8400, we can assume the price to rapidly recover after it’s recent fall.

Comments

Price has bounced hard twice off the 500 EMA 1D TF.

400 EMA has become support.

EMA has recently bounced down from the 10 EMA, but then received support from 400 EMA.

10 EMA will cross golden over the 20 EMA.

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