Normally I don't look that much at moving averages because they are largely lagging indicators. However, sometimes the indicator shows a strong divergence.
As seen on the chart, the 200 EMA has offered strong support on the way up, but has now caused a strong rejection, making way for the bears to push the price further down.
Like mentioned in the analysis below, there's a chance that the Halving will be a sell-the-news event, especially since we had a new all-time high for the first time ever before the halving.
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Likely going to retest the dump's low. If this support fails, expect a lot of selling.
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Retested the yellow support on the chart above. It can get scary from here.
@FieryTrading i mean market moving in its cycle , thats not halving news
FieryTrading
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@Hamid_lifter, The market has always pumped a couple of months before the halving as people buy into an expected future supply shock. If I tell you that in one year all remaing gold in the world will be halved for some reason, everyone will buy their gold TODAY in anticipation of future price increases.
RocketBomb
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I think this could happen if we break the $58,000 level - it's strong support. That's how I see the situation for now.