BITCOIN is back at the 4H 200 EMA. The chart shows how since BTC flipped bullish above both the 50 & 200 4H EMA's, the moving averages have provided support when aggressively trending in the case of the 50 EMA (bounced twice). When BTC has a pullback/ranges we see that the 4H EMA provides support (bounced 4 times).
For the BTC rally to continue in the mid term this level must hold out to prevent further drawdown. With the halving only weeks away we have an decrease of supply and thus a a reduction in sellside pressure.
Greyscale do continue to sell but for how much longer we don't know. Once they do stop selling and the mining rewards halve we have a a very bullish environment for the rest of the year.
For now these are my thoughts on price action:
- Hold the 4H 200EMA, range between DAILY RESISTANCE and the moving average.
- Lose the 4H 200EMA, first support level is the DAILY SUPPORT, if that is lost then filling the wick at 59K could be on the cards and would offer a great place for long term holds.
For the BTC rally to continue in the mid term this level must hold out to prevent further drawdown. With the halving only weeks away we have an decrease of supply and thus a a reduction in sellside pressure.
Greyscale do continue to sell but for how much longer we don't know. Once they do stop selling and the mining rewards halve we have a a very bullish environment for the rest of the year.
For now these are my thoughts on price action:
- Hold the 4H 200EMA, range between DAILY RESISTANCE and the moving average.
- Lose the 4H 200EMA, first support level is the DAILY SUPPORT, if that is lost then filling the wick at 59K could be on the cards and would offer a great place for long term holds.
Comment:
Still above the 4H 200 EMA after another candle close, for now although the reactions off that level are becoming less convincing, need a strong candle to restore some faith short term.
Comment:
Strong close above the key moving average, a lot of alts have great set ups from this level too.
Comment:
BTC is now at DAILY RESISTANCE level but has flipped the 69K previous ATH '21.
The general rule is you can't really trust weekend price action either way, bullish or bearish so it's best to wait for Mondays price action to act on any new positions.
The general rule is you can't really trust weekend price action either way, bullish or bearish so it's best to wait for Mondays price action to act on any new positions.
Comment:
First retest of the 4H 200EMA as resistance now, bearish reaction off that level so far let's see how the American trading session begins soon.