In chart, you can see 200 Day Ema has acted as pretty good dynamic support and dynamic resistance for BTC.
BTC has fallen out of 200 Day Ema and is trying it's hard to get above 200 Day EMA.
Problem is that it has been rejected twice now and even if it does go above 200 DAY EMA that downward resistance trendline would most likely provide good resistance unless BTC make strong make and break through that downward trendline like butter.
Would be interesting to see If BTC is lying down a bear trap and is stalling and trapping bears before it launches for 55-58k
OR if it will just make bull trap by faking out breakout above 200 Day EMA and then getting strong rejection from that downward trendline.
It would be pretty interesting to see what will happen.
Please Note, This is HIGHLY Speculative Analysis for Bitcoin and BTC direction is overall unclear. Thus just speculation.
Trade safe and be safe. Bitcoin is highly choppy right now and thus no comment about what it might do.
Therefore, only Speculation for now. Enjoy.
This analysis is for short term movement of BTC only.
BTC has fallen out of 200 Day Ema and is trying it's hard to get above 200 Day EMA.
Problem is that it has been rejected twice now and even if it does go above 200 DAY EMA that downward resistance trendline would most likely provide good resistance unless BTC make strong make and break through that downward trendline like butter.
Would be interesting to see If BTC is lying down a bear trap and is stalling and trapping bears before it launches for 55-58k
OR if it will just make bull trap by faking out breakout above 200 Day EMA and then getting strong rejection from that downward trendline.
It would be pretty interesting to see what will happen.
Please Note, This is HIGHLY Speculative Analysis for Bitcoin and BTC direction is overall unclear. Thus just speculation.
Trade safe and be safe. Bitcoin is highly choppy right now and thus no comment about what it might do.
Therefore, only Speculation for now. Enjoy.
This analysis is for short term movement of BTC only.
