BTCUSD - What's Next?
As mentioned in my previous charts, we broke out of many patterns (to the upside) such as the strong resistance from the ATH (sloped line), as well as many other strong (horizontal) resistances. We have been running far more than pulling back which is good, these pullbacks are healthy for the price sentiment. The overall crypto market looks great as well.
What I wanted to mention here was that this pullback is very much healthy for bitcoin, and can still go a little further down, at least to retest the sloping resistance (connecting from the ATH). The EMA ribbon is close to this resistance as well (left it off to keep chart clean), AND we have a horizontal support there as well. 3 HUGE supports at around 41k so this is where I expect any significant bounce. If that isn't enough, check how the smaller moving averages want to (and already have) cross the larger moving averages, which is yet another bullish indicator. The 20-EMA line has crossed the 50, 100, and 200. The 50 looks like it wants to cross the 100 and 200.
I personally believe the bull market has resumed and have high hopes for the short and long-term of bitcoin, and crypto in general.
What I wanted to mention here was that this pullback is very much healthy for bitcoin, and can still go a little further down, at least to retest the sloping resistance (connecting from the ATH). The EMA ribbon is close to this resistance as well (left it off to keep chart clean), AND we have a horizontal support there as well. 3 HUGE supports at around 41k so this is where I expect any significant bounce. If that isn't enough, check how the smaller moving averages want to (and already have) cross the larger moving averages, which is yet another bullish indicator. The 20-EMA line has crossed the 50, 100, and 200. The 50 looks like it wants to cross the 100 and 200.
I personally believe the bull market has resumed and have high hopes for the short and long-term of bitcoin, and crypto in general.
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