Currently, Bitcoin has had some weak bull volume with multiple attempts to break out of the upper 40s and 50s. Most, if not all, attempts have met heavy resistance as bears have consistently held those levels. Despite the fundamentals of bitcoin and cryptocurrency being overall positive the news from China tightening their grip on anything related to cryptocurrency has affected the market as Chinese miners and traders unload their bags. On the other hand, the West has been slowly opening up to crypto with developments focusing around more mediums of access across different platforms.
On a more positive note, RSI and MACD have essentially been reset to a more neutral status. Additionally, the 50 EMA and 200 MA have been playing catchup with the 50 being around the $33.2k price point. Overall, volume has been low on both sides but if this Weekly candle does not close above the 24 EMA I believe we will make a move to the downside.
If we move to the downside, $37k would be the first major support level. Should that not hold over the course of a week or two, I expect another flush to the 50 EMA. Best case scenario, the 50 EMA acts as support and bulls can then reconsolidate and make a move for the 24 EMA as it'll have turned into resistance.
To wrap this all up, I do not foresee us making a move for new ATH's until the winter at the earliest with the early spring being my ideal target. Either way, I am accumulating and setting up ladder buys.
On a more positive note, RSI and MACD have essentially been reset to a more neutral status. Additionally, the 50 EMA and 200 MA have been playing catchup with the 50 being around the $33.2k price point. Overall, volume has been low on both sides but if this Weekly candle does not close above the 24 EMA I believe we will make a move to the downside.
If we move to the downside, $37k would be the first major support level. Should that not hold over the course of a week or two, I expect another flush to the 50 EMA. Best case scenario, the 50 EMA acts as support and bulls can then reconsolidate and make a move for the 24 EMA as it'll have turned into resistance.
To wrap this all up, I do not foresee us making a move for new ATH's until the winter at the earliest with the early spring being my ideal target. Either way, I am accumulating and setting up ladder buys.