Bitcoin isn't in a downtrend. It would have to breach two more key levels and close below. You can see Btc kissed 100 EMA and came back. It might restart the uptrend momentum, but I see the way to 200 MA more likely. It should be a perfect opportunity for long.
There are two options for trading 200 MA support. You can open long when it first touches the level. But sometimes, markets overshoot. For this reason, you can open long after it returns above after a short period of time below. I will most likely go with the first option. It is level which almost always reacts and over time, even the less educated crypto enthusiasts learnt to watch 200 MA.
There are two options for trading 200 MA support. You can open long when it first touches the level. But sometimes, markets overshoot. For this reason, you can open long after it returns above after a short period of time below. I will most likely go with the first option. It is level which almost always reacts and over time, even the less educated crypto enthusiasts learnt to watch 200 MA.
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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.