No Bitcoin Reversal Confirmation Yet
Updated
Looking at BTC on the 4hr we can see that we are still within short term (white dashed) and long term (bold pink) trend lines. We are also facing a combination of resistance on the way up in the form of the longer term trend lines and the EMA50. Until we close above this price point in the $8400-8600 range it doesn't seem we can guarantee a reversal.
On the other hand, if we lose the support of the EMA 20 it may add to the resistance for activating a reversal. On the lower half of the chart, if we revisit the lower trend line under $7200 we may meet up with some resistance at the $7000 level along the longer term trend line in pink. If this line is not reactionary then the bottom may continue to fall out with a long term lower low being set at around the $6200 level.
In fundamental analysis, we of course have the G20 convening today and tomorrow with cryptocurrencies being one of the topics of discussion. Also, take into account "whale play" in a bearish market to get maximum gains. Either way we have a volatile week ahead of us. Trade carefully or not at all for now until the market shows us where it is headed.
On the other hand, if we lose the support of the EMA 20 it may add to the resistance for activating a reversal. On the lower half of the chart, if we revisit the lower trend line under $7200 we may meet up with some resistance at the $7000 level along the longer term trend line in pink. If this line is not reactionary then the bottom may continue to fall out with a long term lower low being set at around the $6200 level.
In fundamental analysis, we of course have the G20 convening today and tomorrow with cryptocurrencies being one of the topics of discussion. Also, take into account "whale play" in a bearish market to get maximum gains. Either way we have a volatile week ahead of us. Trade carefully or not at all for now until the market shows us where it is headed.
Note
Just punched through the upper longer term trend line and above the EMA50. Let's see if it holds!
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