Bitcoin taps the D1 20 EMA and must hold for uptrend to continue
Bitcoin touches the Daily 20 Exponential Moving Average and must hold it for the uptrend to have any shot at 75K USD.
For those who don't know, Bitcoin plays a special relationship with this short-term EMA.
Whenever BTC/USD closes above the D1 20 EMA and flips it into support, a bullish reversal begins and turns into an uptrend so long as the slope holds price above.
Conversely, whenever BTC/USD closes below the D1 20 EMA and flips it into resistance, a bearish reversal begins and turns into a downtrend if price can not close back above the negative slope.
As it stands, we are holding 58-59K as support which is exactly where the D1 20EMA lies, thus, re-claiming 60K as support would be considered bullish and closing below 58K is bearish,
RESISTANCE ZONES
1st Resistance: 60K USD
2nd Resistance: 75K USD
SUPPORT ZONES
1st Support: 58K USD
2nd Support: 53K USD.
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
For those who don't know, Bitcoin plays a special relationship with this short-term EMA.
Whenever BTC/USD closes above the D1 20 EMA and flips it into support, a bullish reversal begins and turns into an uptrend so long as the slope holds price above.
Conversely, whenever BTC/USD closes below the D1 20 EMA and flips it into resistance, a bearish reversal begins and turns into a downtrend if price can not close back above the negative slope.
As it stands, we are holding 58-59K as support which is exactly where the D1 20EMA lies, thus, re-claiming 60K as support would be considered bullish and closing below 58K is bearish,
RESISTANCE ZONES
1st Resistance: 60K USD
2nd Resistance: 75K USD
SUPPORT ZONES
1st Support: 58K USD
2nd Support: 53K USD.
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
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