BTC Idea, Bullish or Bearish?
After being in the zone of the EMA20, finally BTC has gone up going to the SMA50 and managing to find itself above it. Simple and easy;)
After having 9 bearish patterns in Sequence, we see a Bullish attempt by the bulls trying to keep the price above the support at 46-47k managing to take it to 57k
If the bulls hold the price above the 50-day simple moving average (SMA), an upward move to the resistance zone of $62,000 to $64,000 is possible.
The flat moving averages and the Relative Strength Index (RSI) above 53 suggest that the selling pressure has eased. However, the bulls may face strong resistance at the current level and again in the upper resistance zone.
If the price turns down from the current level and breaks the support at $ 52,800, it will suggest that the bears are aggressively selling near the 50-day SMA. That could result in a retest of the $ 50,000 level and then $ 47,000.
The next trend move is likely to start on a break above $ 64,000 or a dip below $ 46,000. Until then, volatile action within the range is likely to continue.
Personally I follow Hodl. I don't think the bears will win and I think we will stay in this range quite well.
If we go a little closer a retest to the downside is possible, because the bulls are losing strength in resistance. However, I think we still have the possibility of going higher.
A possible retest of the EMA20 and SMA50 for the bulls to gain strength and try to go higher.
MACD 4h:
As we see the bulls are losing strength in the resistance, but this is easy to lift with a retest at the EMA20.
The RSI in 4h, is about to touch the classic high between 70 to 80. I think that as long as we stay above 56 we could indicate that the bulls continue to have strength.
After having 9 bearish patterns in Sequence, we see a Bullish attempt by the bulls trying to keep the price above the support at 46-47k managing to take it to 57k
If the bulls hold the price above the 50-day simple moving average (SMA), an upward move to the resistance zone of $62,000 to $64,000 is possible.
The flat moving averages and the Relative Strength Index (RSI) above 53 suggest that the selling pressure has eased. However, the bulls may face strong resistance at the current level and again in the upper resistance zone.
If the price turns down from the current level and breaks the support at $ 52,800, it will suggest that the bears are aggressively selling near the 50-day SMA. That could result in a retest of the $ 50,000 level and then $ 47,000.
The next trend move is likely to start on a break above $ 64,000 or a dip below $ 46,000. Until then, volatile action within the range is likely to continue.
Personally I follow Hodl. I don't think the bears will win and I think we will stay in this range quite well.
If we go a little closer a retest to the downside is possible, because the bulls are losing strength in resistance. However, I think we still have the possibility of going higher.
A possible retest of the EMA20 and SMA50 for the bulls to gain strength and try to go higher.
MACD 4h:
As we see the bulls are losing strength in the resistance, but this is easy to lift with a retest at the EMA20.
The RSI in 4h, is about to touch the classic high between 70 to 80. I think that as long as we stay above 56 we could indicate that the bulls continue to have strength.
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