Bitcoin remains supported and won't go down without a fight!!
Bitcoin seemed to be heading for its demise last night before it broke back above resistance and retested the channel bottom trendline. We do have a trendline (red), which has been supporting this recent rise back up after the big drop and as long as we stay above it, bulls can remain hopeful.
This pop has caused MACD to crossover bullish and turned the histo back green while the RSI broke above resistance and seems to be wanting higher as we try to regain the channel. The EMAs seems to be heading for another crossover as price is being supported at the moment by the EMA. If we can regain the channel, a test of the other end is possible, which could see price hit the supply zone around $6750 again. This would be the 3rd time we test this area if we do in fact reach that high, increasing odds of a break.
BUT as of right now, the next few hours will be telling!
Thanks guys
This pop has caused MACD to crossover bullish and turned the histo back green while the RSI broke above resistance and seems to be wanting higher as we try to regain the channel. The EMAs seems to be heading for another crossover as price is being supported at the moment by the EMA. If we can regain the channel, a test of the other end is possible, which could see price hit the supply zone around $6750 again. This would be the 3rd time we test this area if we do in fact reach that high, increasing odds of a break.
BUT as of right now, the next few hours will be telling!
Thanks guys
Comment:
Bitcoin trying to break higher here so keep an eye on price as it tries to enter the channel again. We could see a spike to the supply zone above if we get enough volume!