Orange Line: 50EMA
Red Line: 200EMA
The main driving force, aka momentum is losing. We can see clearly on RSI that the price action momentum is losing it's strength.
1. We already saw the affect of RSi divergence earlier, there's a clear cut divergence in this move up. Since it is recent history, Bitcoin is more likely to act the way it acted earlier.
Currently, this is a good position to hold short for mid term with low leverage.
There are two scenarios:
1. BTC consolidated between 42k - 50k and all the momentum shifts to Alts for the time being and finally breaking the 50k path.
2. BTC consolidated between 42k- 50k with weak sign of bullish action just like in 2014 and it end up being just a bull trap from a micro perspective and bitcoin finally breaks 30k support to test even lower.
Although this is just scenarios. Fundamentally bitcoin is doing above average, not a market leader in fundamentals now.
Your opinion is welcomed in comments.
Cheers 🥂
Red Line: 200EMA
The main driving force, aka momentum is losing. We can see clearly on RSI that the price action momentum is losing it's strength.
1. We already saw the affect of RSi divergence earlier, there's a clear cut divergence in this move up. Since it is recent history, Bitcoin is more likely to act the way it acted earlier.
Currently, this is a good position to hold short for mid term with low leverage.
There are two scenarios:
1. BTC consolidated between 42k - 50k and all the momentum shifts to Alts for the time being and finally breaking the 50k path.
2. BTC consolidated between 42k- 50k with weak sign of bullish action just like in 2014 and it end up being just a bull trap from a micro perspective and bitcoin finally breaks 30k support to test even lower.
Although this is just scenarios. Fundamentally bitcoin is doing above average, not a market leader in fundamentals now.
Your opinion is welcomed in comments.
Cheers 🥂
-Nav
