Hi TViewers,
Here is my take on BTC's next movement. As we can see, BTC has broken out of the downward purple trendline. It is having some difficulty sustaining movement above the 50 EMA but thankfully the 150 EMA seems to be providing support.
If BTC is able to keep up its uphill journey, then we can expect some strong resistance at the 11800-1200 zone. Especially note that at its last rally BTC wasn't able to move past that zone and suffered a significant price dip. To add to it's troubles, the buying volume is quite low and if we see a lot of selling at that zone, we're going to see a significant price drop again.
Cheers and good trading to all!
Also a shoutout to MPC whose well written analyses are a pleasure to read and easy to understand! His charts have helped me make sense of a lot of things!
Here is my take on BTC's next movement. As we can see, BTC has broken out of the downward purple trendline. It is having some difficulty sustaining movement above the 50 EMA but thankfully the 150 EMA seems to be providing support.
If BTC is able to keep up its uphill journey, then we can expect some strong resistance at the 11800-1200 zone. Especially note that at its last rally BTC wasn't able to move past that zone and suffered a significant price dip. To add to it's troubles, the buying volume is quite low and if we see a lot of selling at that zone, we're going to see a significant price drop again.
Cheers and good trading to all!
Also a shoutout to MPC whose well written analyses are a pleasure to read and easy to understand! His charts have helped me make sense of a lot of things!