Bitcoin (BTC): 200 EMA Has Been broken, 100 EMA Is Next
The new week is here and what a weekend we had. 200EMA was taken by bulls, breaking complitely, forming a nice small fakeout movement (just like we had on May 2 at 100EMA).
As we have now approached 100EMA, we are looking for that line very closely. As soon as we see a break in that EMA, we will be looking for the upper liquidity zone to be taken out. On smaller timeframes, we see that near the upper resistance, there is a lot of liquidity that can be taken out so this would be our first target zone.
Swallow Team
As we have now approached 100EMA, we are looking for that line very closely. As soon as we see a break in that EMA, we will be looking for the upper liquidity zone to be taken out. On smaller timeframes, we see that near the upper resistance, there is a lot of liquidity that can be taken out so this would be our first target zone.
Swallow Team
Note
Bitcoin had made an interesting breakout where the last daily candle broke the 100EMA successfully but without any wicks, either on the upper or lower side.
Now that the new daily candle opened, we felt a sharp rejection and selling pressure.
We are waiting for this daily candle to close and see where the closing price will be.
If we close below 100 EMA, we will start the movement to the unfilled CME gap zone, but if we break the last daily high, we will move to the upper zones of liquidity here!
Note
So far, we are seeing multiple hammer candles here, with a possible shooting star candle to form here as well.
As last day, we had a rather good pullback from current zones but the price managed to close in a bullish candle. Now, today's candle will decide in which direction we will go from here, whether to test upper zones and go for liquidity hunting or a nice pullback back between 100 and 200 EMA!
Note
Bitcoin managed to close last day in red and gave us a nice shooting star candle, which usually marks the possibility of a trend switch.
The setup looks almost perfect now; all we need is another red candle, which would close below the last candle closing price and we should see a re-test of 100EMA and 200EMA.
Note
After a nice rejection and switch of trend, we are seeing the pressure from sellers, where each day is closing lower and lower.
We see this kind of steady movement coming to an end soon and a sharp sell-off taking place here.
Remember the CME gap in a smaller timeframe as well!!!
Note
After multiple attempts price has finally reached the major resistance zone!
Note
We had a clean red daily rejection from the upper zone of liquidity, which is showing the dominance of sellers at this point.
Now we are looking for another similar candle to form as a confirmation, and we should see a re-test of both 100 and 200 EMAs very soon!
Note
Bitcoin has made an amazing rejection since reaching that upper zone of liquidity. As of now, we are seeing the dominance of sellers so we keep an eye on further movement to lower zones and eventually a test of zones below 200 EMA.
Note
Bitcoin made an incredible movement to lower zones here, breaking completely out of the 50K zone. New zones to look at now so eyes wide open!
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🚨 Authentic Mentoring
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Disclaimer
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