Bitcoin is now consolidating in the lower $9,000 region; after the ludicrous pump that happened yesterday, which effectively printed one of the largest price swings in bitcoin history ever since its inception.
People can point to numerous possibilities as to what caused the massive pump. Nonetheless, it gave bitcoin some hope, at least in the short-term, to bounce resume its 2019 bull market.
Many of you must have noticed that the price jumped right around when the death cross is about to happen. As a result, the 50/200 days EMA is now stagnating, delaying (or even possibly preventing) the death cross. The 50/200 days SMA had the death cross depending on the exchange that you use, but the momentum is weakening as BTC maintain its price above $9,000.
The price is currently trying to stay above the trend line that goes all the way back to $13,800.
If we can maintain it, that's incredibly bullish. I would even say that as long as BTC stays above $8,800 for a couple of days then a market reversal is very likely.
The next level is $8,600. If BTC can't defend that and fall below into the range, then I will be looking at $7,000 ish price level again.
People can point to numerous possibilities as to what caused the massive pump. Nonetheless, it gave bitcoin some hope, at least in the short-term, to bounce resume its 2019 bull market.
Many of you must have noticed that the price jumped right around when the death cross is about to happen. As a result, the 50/200 days EMA is now stagnating, delaying (or even possibly preventing) the death cross. The 50/200 days SMA had the death cross depending on the exchange that you use, but the momentum is weakening as BTC maintain its price above $9,000.
The price is currently trying to stay above the trend line that goes all the way back to $13,800.
If we can maintain it, that's incredibly bullish. I would even say that as long as BTC stays above $8,800 for a couple of days then a market reversal is very likely.
The next level is $8,600. If BTC can't defend that and fall below into the range, then I will be looking at $7,000 ish price level again.