Bitcoin is under pressure!
Updated
Bitcoin is currently testing crucial resistance at $55000, where are 20 and 50 daily EMA's located, which were about to give sell signal few days ago.
Currently the downtrend lines seems to be broken and the price action has formed an ascending triangle pattern with bias to break to the upside.
If the price breaks above local high at $55738, the price can quickly escalate to
$57500 or even $59500 based on historical price action.
Mind you that we are looking at the mighty 4-hour truth telling time frame.
MACD is about to turn into a corrective wave, however it's more likely to see another buying one.
20 and 50 EMA are about to intersect changing the overall 4h trend to an uptrend.
RSI is pushing the 60 momentum area for a bit.
All in all, Bitcoin is under strong pressure and stronger momentum can come in any time based on both daily and 4h time frame.
Technicals are pointing towards a break to the upside.
Currently the downtrend lines seems to be broken and the price action has formed an ascending triangle pattern with bias to break to the upside.
If the price breaks above local high at $55738, the price can quickly escalate to
$57500 or even $59500 based on historical price action.
Mind you that we are looking at the mighty 4-hour truth telling time frame.
MACD is about to turn into a corrective wave, however it's more likely to see another buying one.
20 and 50 EMA are about to intersect changing the overall 4h trend to an uptrend.
RSI is pushing the 60 momentum area for a bit.
All in all, Bitcoin is under strong pressure and stronger momentum can come in any time based on both daily and 4h time frame.
Technicals are pointing towards a break to the upside.
Note
The trend line of the ascending triangle has broken down which led to a dip to $52300 which was bought and the price of BTC has successfully broke above daily EMA resistance levels! Hopefully you haven't gave up on the bull season in this move below 53k. $59500 incoming!
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