BTC: Still Under Pressure. Must Break above the 100 EMA!
Updated
Hello Traders,
I hope you are all doing well.
If you have followed my previous BTC update, you'll know how strongly the 100 EMA is holding the price. This is the second attempt where BTC has tried to break above the 100 EMA (60.7k), but it is still unable to do so.
According to our analysis, BTC must break above this resistance on the daily chart to reach the 68k-69k target. If not, a rejection is likely.
Note: Expect volatility in the market over the next few hours. Be cautious and do your own research before investing.
- Current Resistance: 100 EMA at 60.7k.
- Bullish Scenario: A daily close above the 100 EMA.
- Bearish Scenario: A rejection below the 100 EMA.
Trade Safely.
I hope you are all doing well.
If you have followed my previous BTC update, you'll know how strongly the 100 EMA is holding the price. This is the second attempt where BTC has tried to break above the 100 EMA (60.7k), but it is still unable to do so.
According to our analysis, BTC must break above this resistance on the daily chart to reach the 68k-69k target. If not, a rejection is likely.
Note: Expect volatility in the market over the next few hours. Be cautious and do your own research before investing.
- Current Resistance: 100 EMA at 60.7k.
- Bullish Scenario: A daily close above the 100 EMA.
- Bearish Scenario: A rejection below the 100 EMA.
Trade Safely.
Trade active
Finally, BTC has broken above the 100 EMA on the daily timeframe. Currently, it’s aiming for the resistance trendline at 69K, and it will be interesting to see if BTC can rally as expected.
If you look closely, the RSI is showing signs of forming a hidden bearish divergence, where the price is below the previous swing high while the RSI is gaining momentum. If this plays out, be prepared for a significant impact.
The only way this pattern will be invalidated is if BTC closes above
64K on the daily and continues to rally.
I hope this update was helpful.
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Thank you!
#BTC #Crypto
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