Can BTC make it above 12 EMA or face Rejection?
Updated
1 Daily Chart
Overall, BTC is still in a downtrend. We're still below our 12/26 EMA(yellow,purple). We face resistance on our 200 SMA(which) which is one of our significant indicator. We made a 3rd bounce off of our S4 support line. Volume isn't impressive but there are some bullish signals as well, which I have listed on the chart. I use EMA's to see the momentum of the market. In a strong downtrend momentum; 12 EMA usually acts as strong resistance, if this is the case then we could see more downside. So we need to get above our EMA's to avoid going down lower.
1 Weekly Chart
On our weekly, we can see a clear shift in momentum as BTC breaks through our weekly EMA's. We still have our S4 support sitting on our 100 SMA (orange) which we are getting a bounce from, but will it be enough to break through and stay above our EMA's?
Overall, BTC is still in a downtrend. We're still below our 12/26 EMA(yellow,purple). We face resistance on our 200 SMA(which) which is one of our significant indicator. We made a 3rd bounce off of our S4 support line. Volume isn't impressive but there are some bullish signals as well, which I have listed on the chart. I use EMA's to see the momentum of the market. In a strong downtrend momentum; 12 EMA usually acts as strong resistance, if this is the case then we could see more downside. So we need to get above our EMA's to avoid going down lower.
1 Weekly Chart
On our weekly, we can see a clear shift in momentum as BTC breaks through our weekly EMA's. We still have our S4 support sitting on our 100 SMA (orange) which we are getting a bounce from, but will it be enough to break through and stay above our EMA's?
Note
1 Daily Update
1 Weekly Update
Red rectangle also meets where our 26 EMA is on our weekly. A breakout from our red rectangle could put us back into bull's territory.
Note
Looks like bulls did not manage to break above our red rectangle.
Note
We're now back below our EMA's. Not being able to stay above our EMA's is troubling.Note
If we can't make it above our 12 EMA(yellow), we could go back down to test pink dotted support trendline which sits at our S4 support.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.