Decision time for BTC
Just under a month ago BTC crossed below the 200 day EMA, as it dumped towards 30K. Since then, it has been a grumpy bear and the whole market has been depressed and sideways. However, yesterday there was a potential glimmer of hope, as BTC poked its nose above the 200 day EMA once again. It was rejected that time, but if it tries again more convincingly, and manages to hold above that hurdle, I believe it will be bullish and a Good Thing. Of course, if we don't break above the 200 EMA, then the Wyckoff proponents might be right, and we could plunge down to 20K or less :(
You can also see the Bollinger Bands are squeezing, which indicates there could be more significant price action in the near future. Up or down? Who knows, but as I say, if we consolidate above the 200 day EMA it's likely to be Up for at least a while.
Do keep in mind that the end of summer is generally a bad time for all markets, so even if we pump now it may be short lived, and we see a downturn around Aug / Sept time.
You can also see the Bollinger Bands are squeezing, which indicates there could be more significant price action in the near future. Up or down? Who knows, but as I say, if we consolidate above the 200 day EMA it's likely to be Up for at least a while.
Do keep in mind that the end of summer is generally a bad time for all markets, so even if we pump now it may be short lived, and we see a downturn around Aug / Sept time.
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