Hey guys! Without further delay let's just get into this.
Basically bitcoin has managed to hold above $18,800 being the new support point with us potentially forming a higher low at $19,045 however if we end up falling below that $19,045 mark then we could expect to be pulled further below since we'll have broken that high low.
I marked this descending channel that Bitcoin is in a while ago and the marking still sticks true as always, you can see how Bulls just barely managed to pull us out of the channel yesterday, that rally wasn't just for them, it was so they could exit the channel however bears had other plans in mind dumping on them and sent us right back into the channel where we are. That's why you see the chart look so crazy. On top of that our Bitcoin chart had a 200 EMA entry however it failed to hold so once we saw that 200 EMA exit and once that happened we we're basically set to fall.
Bitcoin managed to hit $20,500 however failed to meet that $21,000 benchmark so that also was one of our contributing factors. Right now we just wanna see Bitcoin form some good candles that show us bull's are holding the reins since bears really keep trying their best to push us lower and lower, it's always a fight but at the end of the day, the Bulls will win this fight in the long run.
Basically just watch the chart because it seems like Bulls are trying to get that 200 EMA to enter Bitcoin once again and if we can do that it should be perfect enough to pull us out of the descending channel though the challenge of getting pulled back down would then still stick around until we can get above that $21,000 point.
If you guys liked the idea feel free to leave a like and follow, thank you!
~ Rock
Basically bitcoin has managed to hold above $18,800 being the new support point with us potentially forming a higher low at $19,045 however if we end up falling below that $19,045 mark then we could expect to be pulled further below since we'll have broken that high low.
I marked this descending channel that Bitcoin is in a while ago and the marking still sticks true as always, you can see how Bulls just barely managed to pull us out of the channel yesterday, that rally wasn't just for them, it was so they could exit the channel however bears had other plans in mind dumping on them and sent us right back into the channel where we are. That's why you see the chart look so crazy. On top of that our Bitcoin chart had a 200 EMA entry however it failed to hold so once we saw that 200 EMA exit and once that happened we we're basically set to fall.
Bitcoin managed to hit $20,500 however failed to meet that $21,000 benchmark so that also was one of our contributing factors. Right now we just wanna see Bitcoin form some good candles that show us bull's are holding the reins since bears really keep trying their best to push us lower and lower, it's always a fight but at the end of the day, the Bulls will win this fight in the long run.
Basically just watch the chart because it seems like Bulls are trying to get that 200 EMA to enter Bitcoin once again and if we can do that it should be perfect enough to pull us out of the descending channel though the challenge of getting pulled back down would then still stick around until we can get above that $21,000 point.
If you guys liked the idea feel free to leave a like and follow, thank you!
~ Rock
