BTC Trying to Break the 50 EMA!
We're currently in a very tight range for BTC with the majority of levels being resistance. On the 4h I currently have three moving averages:
Pink - 200 EMA
Blue - 100 EMA
Purple - 50 EMA
As you can see, the purple line (50 EMA ) has acted as resistance for BTC since Dec 20th on the 4h, along with the 100 EMA. The thing we have to realize is there's also support for BTC right below it at 16700. Looking at the indicators, we can see this:
1. RSI had a sharp bounce to the upside recently and is looking to break the signal line (bullish)
2. MACD is starting to flatten out and looks like it wants to cross up (bullish)
3. Above the 50 EMA , we also have horizontal resistance at the 17300 level which coincides with the 200 EMA
With all of this said, my bias unfortunately leans to the downside (4 levels of immediate resistance w/ horizontal and EMAs vs 2 levels of horizontal support at 16700 and 16300). In saying that, BTC is right near support so it's risky taking a short, but you could play your stop right above the 50 EMA at 16900 and set your TP at 16300 for a 3:1 reward to risk ratio. NFA.
If you enjoyed my TA, please send a boost my way and comment below. Thanks :)
Pink - 200 EMA
Blue - 100 EMA
Purple - 50 EMA
As you can see, the purple line (50 EMA ) has acted as resistance for BTC since Dec 20th on the 4h, along with the 100 EMA. The thing we have to realize is there's also support for BTC right below it at 16700. Looking at the indicators, we can see this:
1. RSI had a sharp bounce to the upside recently and is looking to break the signal line (bullish)
2. MACD is starting to flatten out and looks like it wants to cross up (bullish)
3. Above the 50 EMA , we also have horizontal resistance at the 17300 level which coincides with the 200 EMA
With all of this said, my bias unfortunately leans to the downside (4 levels of immediate resistance w/ horizontal and EMAs vs 2 levels of horizontal support at 16700 and 16300). In saying that, BTC is right near support so it's risky taking a short, but you could play your stop right above the 50 EMA at 16900 and set your TP at 16300 for a 3:1 reward to risk ratio. NFA.
If you enjoyed my TA, please send a boost my way and comment below. Thanks :)
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