weekly 21 EMA is the key resistance to watch
Updated
Sometimes, it's better to keep things simple. In this case, the 21 weekly EMA is an obvious indicator of whether we are in an uptrend or not. A decisive break above this has almost always resulted in an uptrend, except when a dead cat occurs just after a major top.
Therefore I think the current 21 EMA @ 4500 is the current major resistance. Of course, below that we have the 200 SMA which has never really been breached, so we have no idea what will happen if that breaks (things could get very messy, or bitcoin might not see a bull market for many years.)
Right now, we have a shimmer of hope. But let's not get ahead of ourselves. Let's hope that we get above that 21 weekly EMA and stay above it. Most people are predicting 5k right now, which is above it. This could very possibly trigger a new uptrend.
Therefore I think the current 21 EMA @ 4500 is the current major resistance. Of course, below that we have the 200 SMA which has never really been breached, so we have no idea what will happen if that breaks (things could get very messy, or bitcoin might not see a bull market for many years.)
Right now, we have a shimmer of hope. But let's not get ahead of ourselves. Let's hope that we get above that 21 weekly EMA and stay above it. Most people are predicting 5k right now, which is above it. This could very possibly trigger a new uptrend.
Note
Extra note for short-happy people: a break above 21 EMA after previous bear markets have led to explosive parabolic moves upwards. Although shorting a touch of the 21 EMA is logical, if it looks like it's going to break above it's highly advisable to use tight stop losses and to account for huge slippage.Note
Decisive break above. I am now bullish.
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