Possible continuation of bullish sentiment in the near term
We need to watch the 4D and 8D timeframes and check if the white energy in the 4D crosses above 50 level before the red RSI in the 8D crosses below 50. If it does we have hope of seeing a continuation of bullish sentiment in the local area and seeing BTC stay above 50k, possibly forming higher high at 42k for another new leg higher. A beginning sign of bullish sentiment may be found in the lower timeframes, and a bounce off 48800 some hours earlier back above 50k is also significant in the sense that we are seeing the formation of higher low, higher high in the very local area after the flash dump last week, and that the daily 200 EMA at 50k more or less is a significant psychological watershed for BTC not to close below for it to have a meaningful chance of continuing its bull run thesis.
If however BTC drops and closes below 50k and also 46400 which is the daily 200 SMA, one must then consider the bull run scenario seriously threatened. That would not be a good sign to see the price closing below both of those two MAs when the global equity markets are on the verge of collapsing, easily bringing a weakening, flagging BTC bull run to a swift end.
If however BTC drops and closes below 50k and also 46400 which is the daily 200 SMA, one must then consider the bull run scenario seriously threatened. That would not be a good sign to see the price closing below both of those two MAs when the global equity markets are on the verge of collapsing, easily bringing a weakening, flagging BTC bull run to a swift end.
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