EMA50 Working As Support (Bitcoin To Continue Up - Stay Bullish)
Updated
Bitcoin had a strong drop yesterday, one big red candle, but the drop stopped right at EMA50 which is now working as support.
In the past six months, we saw how EMA50 worked as a very strong resistance for Bitcoin, and it was broken for the first time on the 18 February with good strength and volume, after trading above it, now it needs to be tested as support.
If this level holds ($3800-$3820), which is now also marked by MA99, you can expect Bitcoin to continue its climb up.
On the way up after breaking $3940 the next resistance would be $4161 which is EMA100 (blue line).
If instead selling continues and Bitcoin breaks below EMA50 sitting at $3800-3820, you can expect a drop to $3661, this level is very likely to hold in the case Bitcoin decides to move lower.
Both the RSI and MACD remain strong and Bitcoin has been breaking out on the weekends, so it is normal to see a red Monday, we wait patiently to see how it all develops.
The bullish bias short term remains.
Remember to hit like to show your support.
Thanks for reading.
Namaste.
In the past six months, we saw how EMA50 worked as a very strong resistance for Bitcoin, and it was broken for the first time on the 18 February with good strength and volume, after trading above it, now it needs to be tested as support.
If this level holds ($3800-$3820), which is now also marked by MA99, you can expect Bitcoin to continue its climb up.
On the way up after breaking $3940 the next resistance would be $4161 which is EMA100 (blue line).
If instead selling continues and Bitcoin breaks below EMA50 sitting at $3800-3820, you can expect a drop to $3661, this level is very likely to hold in the case Bitcoin decides to move lower.
Both the RSI and MACD remain strong and Bitcoin has been breaking out on the weekends, so it is normal to see a red Monday, we wait patiently to see how it all develops.
The bullish bias short term remains.
Remember to hit like to show your support.
Thanks for reading.
Namaste.
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