PolarHusk

BTC/USD (50D Moving Average = Support?)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
💎Technical Analysis Summary💎


BTC /USD

-Bitcoin price drops by almost -20% hurting the overall market space
-The price touches the mid support area and we can see a strong reaction
-The 0.382-0.5 Fib area is a confluence of the 50D Moving Average plus S/R
-We can say the 52k dollar is the new swing top needs to break
-And Bitcoin is ready for a longer consolidation between 52k-42k dollars
-As long as this green support area remains valid for the month of September
-There is still a good chance we see BTC goes above 50k again
-I hope many have managed to follow their stop-loss or reduced their position
-I do not recommend buying at the current market price
-Because we do not know if the Bears has more gas left
-The best way is to wait for any signs of strength especially in the lower timeframes
-I'll give an update as soon as we have new data to back up our bullish bias
-Stay safe and always follow your trading plan




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