We read daily news about ETF, accumulation by institutes and scarcity in the exchanges, but I recognize something different in the chart based on multiple indicators. Historically, BTC boomed after touching 50 EMA and whenever it is extended it traces back to 50 EMA on monthly chart. As per current data, BTC is extended far from it. Also RSI and MACD indicating that it is losing momentum with -ve divergence. Volume as well descreasing since last leg, though price moved up. So, I expect price to retrace to 50 EMA which coincides with previous high at 60K. Let us see how it unfolds.
Note
Candles on the daily tiemframe shows strong -ve price action with very high volume. Hope the retracement will not be deeper.Trade closed: target reached
Finally BTC reached the 50 EMA on monthly as expected. But this time the move is very wild and quick. Since it aligns with previous support area (50-60K), let us see if we see any reversal.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.