As this moment BTC is testing 50 EMA on the 4HR chart. It might break it and move towards 200 EMA. THE 200 EMA on the 4HR chart aligns with our red trend line which we drew way back in July 10. Which has hold stong for the last couple of weeks.
The 50 EMA might reject BTC but I believe BTC has enough momentum to break it. Keep in mind I said momentum not volume! The reason why this is important is, the price action looks like will able to carry BTC a little higher. However the volume backing it isn't there!
With BTC being in its current state we could make 1% ,2% here and there, however if you are looking for a position to go long, I believe our level of entry from previous posts are still valid entry points. Yet always keep an eye on a crazy reversal. For this, the first step is to break our trend line and the second is to make a higher high which would have a rocket effect on BTC.(which I do not think this is likely at this point)
Previous post;
Post on July 10;
The 50 EMA might reject BTC but I believe BTC has enough momentum to break it. Keep in mind I said momentum not volume! The reason why this is important is, the price action looks like will able to carry BTC a little higher. However the volume backing it isn't there!
With BTC being in its current state we could make 1% ,2% here and there, however if you are looking for a position to go long, I believe our level of entry from previous posts are still valid entry points. Yet always keep an eye on a crazy reversal. For this, the first step is to break our trend line and the second is to make a higher high which would have a rocket effect on BTC.(which I do not think this is likely at this point)
Previous post;
Post on July 10;
