89 EMA or $10,000... which is propping us up?It might appear as though BTC is repeatedly testing the $10,000 psychological level, and of course it has. But when plotting entry/exit trading points, you should be aware of where BTC is finding true support...
For the past six weeks BTC support has very reliably been the daily 89 EMA.
Since we topped out on 26th June we have entered into a bullish pennant, between the 89 EMA and a downward sloping resistance line.
The 21 EMA has been a clear indicator of if we are bullish or bearish within the pennant.
In the next month, though likely much sooner, BTC will have to decide which direction it wants to break out of the pennant . We are due a test of the 21 EMA on the weekly, which would bring us down to around $9000... if that holds, the likelihood of a strong move upwards and the bull run finding renewed strength is greatly increased. If the weekly 21 EMA fails, well you shouldn't need me to tell you what a strong indicator of the trend changing that would be.
Here is the link for my free EMA/SMA indicator , offering key areas of potential strong support & resistance .
Also save crucial space on your Trading View chart by utilising my free RSI and StochRSI indicator which overlays both in a clear and helpful fashion.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
