BitcoinLong
BTC - key levels holding!
Today we saw the symmetrical triangle break to the downside, with BTC finding a daily bottom of $9,536 and closing at the EMA 100 right around $9,700. Today’s price action came with relatively low volume, with bearish volume decreasing for the 3rd week in a row. Sure, BTC may breakdown here and fall down to its next major support level of $8,500, however, I think it is entirely too early to confirm that. In my mind, a daily candle close below the 100 period MA or a breakdown of the $9,536 support level is needed to consider this possibility.
Key reasons for position
- Daily close on the EMA 100
- $9,536 continuing to be a very strong support (look at the larger time frames)
- decreasing bearish volume
If we see a daily close below the EMA 100 this analysis becomes invalid.
Key reasons for position
- Daily close on the EMA 100
- $9,536 continuing to be a very strong support (look at the larger time frames)
- decreasing bearish volume
If we see a daily close below the EMA 100 this analysis becomes invalid.
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