Bitcoin (BTC/USDT) is showing notable technical developments on the weekly timeframe as price interacts with the EMA ribbon. Since the bear market was established, the EMA ribbon has generally acted as a region of resistance, with previous retests followed by renewed bearish price expansion.
The current structure appears different, with Bitcoin recently recording a weekly close above the EMA ribbon. From a technical perspective, this may indicate the possibility of a developing market structure shift. However, further price action will be needed to determine whether the move can be sustained.
If Bitcoin continues to hold above the EMA ribbon on a weekly closing basis, it may support the potential for further bullish continuation towards higher resistance levels. Maintaining acceptance above this technical region would also provide additional support for the developing bullish market structure.
Conversely, if price fails to remain above the weekly EMA ribbon and closes back below it, the possibility of a false breakout may increase. This could weaken the current bullish interpretation and potentially lead to renewed downside pressure towards lower price levels.
Overall, the weekly EMA ribbon remains an important technical region to monitor. Bitcoin's ability to hold above or fall back below this area may provide further insight into its broader market structure and potential near-term direction.
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Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more: coinjar.com/uk/risk-summary
The article is an opinion expressed by the author at a point in time and does not represent the views of CoinJar UK Limited or CoinJar Australia Pty Ltd. Take care to consider the date of this article and be aware that this opinion is based on circumstances at the time of publishing. No responsibility or liability is accepted for any errors of fact or omission expressed therein. Past performance is not a reliable indicator of future results.
This above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies.
We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets.In the UK, it's legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular investments.
You should not expect to be protected if something goes wrong. So, if you make any crypto-related investments, you're unlikely to have recourse to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS) if something goes wrong.
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The current structure appears different, with Bitcoin recently recording a weekly close above the EMA ribbon. From a technical perspective, this may indicate the possibility of a developing market structure shift. However, further price action will be needed to determine whether the move can be sustained.
If Bitcoin continues to hold above the EMA ribbon on a weekly closing basis, it may support the potential for further bullish continuation towards higher resistance levels. Maintaining acceptance above this technical region would also provide additional support for the developing bullish market structure.
Conversely, if price fails to remain above the weekly EMA ribbon and closes back below it, the possibility of a false breakout may increase. This could weaken the current bullish interpretation and potentially lead to renewed downside pressure towards lower price levels.
Overall, the weekly EMA ribbon remains an important technical region to monitor. Bitcoin's ability to hold above or fall back below this area may provide further insight into its broader market structure and potential near-term direction.
-----------------------------------------------------------------------------------------------
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more: coinjar.com/uk/risk-summary
The article is an opinion expressed by the author at a point in time and does not represent the views of CoinJar UK Limited or CoinJar Australia Pty Ltd. Take care to consider the date of this article and be aware that this opinion is based on circumstances at the time of publishing. No responsibility or liability is accepted for any errors of fact or omission expressed therein. Past performance is not a reliable indicator of future results.
This above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies.
We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets.In the UK, it's legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular investments.
You should not expect to be protected if something goes wrong. So, if you make any crypto-related investments, you're unlikely to have recourse to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS) if something goes wrong.
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Note
Warning: If you invest in this product, you may lose some, or all, of the money you invest. The value of crypto-assets may rise or fall rapidly. Past performance is not indicative of future results. To learn more see our Risk Disclosures.CoinJar Europe Limited is authorised by the Central Bank of Ireland as a crypto-asset service provider (registration number C496731).
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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.