MJI786

Daily candle closed below the 50 EMA!

Short
BINANCE:BTCUSDT   Bitcoin / TetherUS
Here's a quick update on BTC Daily chart . As we can see The price Closed below the 50 EMA for the first time since 8th October last year! This is not a positive sign alongside the break to the downside from the rising wedge . We might visit the TA target of 43k in the near future!
The 50 EMA has worked as a very strong support throughout the whole bull run and and a daily candle close below it should not be take lightly.

Not to get too bearish then I should remind you that we have a unfilled CME Gap at 60k and these gaps tends to get filled 98% of the time.

There is a possibility that we get supported by the green support zone and see a massive bounce from there.

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Comments

Very informative! I was thinking that we would move upward from the 4 hour triangle and retest the 60k range. I believed so much I held when we dipped below the triangle, thinking it was a fake-out to the downside. But, now we've closed below the triangle on the 4-hour. How reliable a signal is something like this? Because I thought we would dump hard the moment that happened, sold, and now price is struggling to move back up. What is going on and how could we make a move back to the upside again to retest that range now?
+1 Reply
MJI786 ClearOpenDoor
@ClearOpenDoor, we might come back up and retest the 50 EMA at 55.5k level. if we get rejected then it will continue further down
+1 Reply
i really like the idea from this side
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@jeffrey99705 thx 😊
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good idea
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it have to come back to 50k
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@jeffrey99705 it might
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