As things heating up and quite bearish i remembered a similar setup back in the summer of 2019 (see chart) ...
369 EMA is not a well knowed moving averge,yet the number is a fibo number and the moving averege itself works quite nice in case of BTC on all timeframes(some uses 377 ema)
As you know we are in similar position today ,price is right on the 369 daily after a major drop...in 2019 price went into a bear trap (-10%) then went up massivley.
In current situation it means ,that price could drop to 27-29000 usd in short term (this week) then shout up possibly to 45000-50000 usd per btc .
369 EMA is not a well knowed moving averge,yet the number is a fibo number and the moving averege itself works quite nice in case of BTC on all timeframes(some uses 377 ema)
As you know we are in similar position today ,price is right on the 369 daily after a major drop...in 2019 price went into a bear trap (-10%) then went up massivley.
In current situation it means ,that price could drop to 27-29000 usd in short term (this week) then shout up possibly to 45000-50000 usd per btc .
Trade closed: target reached:
Spot on ...price went a little more down then back to ATH.Another good call ,close