Still macro-bullish on BTC. We broke below 8 week MA so historically this means we could be testing lower prices of support, which again historically could be the Bull market support band. This is a combination of the 21 week EMA (exponential moving average, reacts more to recent price changes) and the 20 week SMA (simple moving average, reacts relatively slower to recent price action). 21wkEMA is currently around 52.7k and the 20wkSMA is around 50.7k. I am not looking at increasing or entering any manual trades for a few weeks to see whether we do visit these prices or find support elsewhere and continue moving up. 52.5 is the 0.786 fib retracement level which could also provide a large about of support. Currently it appears as though we have found support on an upward moving support level from previous higher lows. Although it is important to keep in mind the fact that we are only 1-2 days into the week which much more time left.
Green: Bullish
Yellow: Neutral
Red: Bearish
Green: Bullish
Yellow: Neutral
Red: Bearish
Comment:
BTC currently at a 0.786 macro fib level (54.5. So wouldn't be surprised to see some support here. Otherwise testing the bull market support band likely imo (49.6-52.3). If that fails.....hold on tight!