BITCOIN and the 800 EMA- What You should know!
Padawans,
Bitcoin has been reacting to the 800 Ema since the 24th of January 2022. Most people like to use the 50, 100, 200 day MA`s or EMA`s. However I like to use the 800 day EMA.
On the 9th of April 2024, Bitcoin broke the trendline formed on February 24th, it retested that trendline Yesterday on the 10th of April and was rejected. However what I want you to take note of something:
If we take a look at the chart we will notice on the 24th of January we had a test of the 800 EMA followed by the evaporation of selling pressure followed by a move to the upside resulting in a green candle
On the 24th of February again there was move downwards towards the 800 day EMA, followed by the evaporation of selling pressure followed by a move to the upside resulting in a green candle and a new trendline being formed
Take note that with each of the above mentioned events we are forming Higher Highs
So what Am I Looking For
First a test a retrace to $38735, which is 0.236 of the Fibs and also a convergence at that point with the downward trendline
Then I am looking for a wick to make a move downwards towards the 800 ema and if the same confluence of events happen as happened on the 24th of January and 24th of February
then, in my mind you will have confirmation of the resumption of an uptrend and is this happens
Padawan- Hand me my Lightsaber
Bitcoin has been reacting to the 800 Ema since the 24th of January 2022. Most people like to use the 50, 100, 200 day MA`s or EMA`s. However I like to use the 800 day EMA.
On the 9th of April 2024, Bitcoin broke the trendline formed on February 24th, it retested that trendline Yesterday on the 10th of April and was rejected. However what I want you to take note of something:
If we take a look at the chart we will notice on the 24th of January we had a test of the 800 EMA followed by the evaporation of selling pressure followed by a move to the upside resulting in a green candle
On the 24th of February again there was move downwards towards the 800 day EMA, followed by the evaporation of selling pressure followed by a move to the upside resulting in a green candle and a new trendline being formed
Take note that with each of the above mentioned events we are forming Higher Highs
So what Am I Looking For
First a test a retrace to $38735, which is 0.236 of the Fibs and also a convergence at that point with the downward trendline
Then I am looking for a wick to make a move downwards towards the 800 ema and if the same confluence of events happen as happened on the 24th of January and 24th of February
then, in my mind you will have confirmation of the resumption of an uptrend and is this happens
Padawan- Hand me my Lightsaber