Bitcoin (BTC) update: Price is trapped in the EMA box.
Updated
#1. In a recent price action of BTC the price have declined due to take resistance at the EMA(200) line. It means the anxiety about the market is still not recovering. If the price stays near the EMA(200), the decline may continue in the long term. To successfully break through the downtrend, BTC price must be breach out the EMA(200) and use this line as a support.
#2. From the past $ 6000 points, we have confirmed the strong support of the EMA (400) line. Unless Bitcoin prices collapse, this line will be kept firmly. If this line collapses, the bitcoin will fall into the dark age like in 2014.
#3. Bitcoin is more likely to be trapped between the EMA (200) and (400), if there is no news to change the current trend.
#4. The green triangle shows that the low price of the bitcoin is gradually moving away from the EMA (400). This suggests that buying sentiment is recovering slowly. At the very least, this triangle should not collapse in order for the bitcoin to show a clear uptrend in the near future.
#2. From the past $ 6000 points, we have confirmed the strong support of the EMA (400) line. Unless Bitcoin prices collapse, this line will be kept firmly. If this line collapses, the bitcoin will fall into the dark age like in 2014.
#3. Bitcoin is more likely to be trapped between the EMA (200) and (400), if there is no news to change the current trend.
#4. The green triangle shows that the low price of the bitcoin is gradually moving away from the EMA (400). This suggests that buying sentiment is recovering slowly. At the very least, this triangle should not collapse in order for the bitcoin to show a clear uptrend in the near future.
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