4H 50 EMA broken - Time to sell old bags to buy new bags!!!Hat 's going on my people? How is everyone holding up?
Disclaimer, I am macro bullish on BTC, yet price action takes precedent over whatever I feel. I think that the test of 200 EMA & SMA on 4H is an incredibly bullish sign and also offers us an opportunity to exchange our old bags for new bags.
This move has been a long time coming and I think that we will see the continuation and culmination of it within upcoming says.
Downwards price pressure accelerates ever so slightly and this is visible on Volume Impact oscillator and on momentum oscillator as well.
Thinks to keep in mind:
- 50 EMA on 4H has been breached and this opens up the possibility to revisit 200 EMA -SMA stationed at 10600-10700 levels. The chance of reaching this area is roughly 85 % so be ready.
- There is a chance that we might continue below. If we overshoot our price targets and manage to close 4H under 10400 this will open up whole other can of worms and mandate continuation to 10.1-10.2 price levels in the upcoming week. Have to be honest though, I don't think that this is a reasonable scenario and holds significant merit until we close 4h dildo under 10.4.
To summarize:
General Trend: Upwards, sentiment bullish.
Testing 200 EMA SMA after the golden cross is incredibly bullish and most likely will result in a swift reversal upwards and acceleration of the price action.
I don't think that reaching 10.6-10.7 levels breaks the market structure, in fact, it reinforces the previously established rule. The fact that this move does not fit in your carefully drawn descending wedge, triangle or pendant means that you should probably not give too much of a significance to whatever you draw. (This applies to you too Mr Fib Circles of death and capitulation- thank you for your hard work and beautiful artwork).
Stay safe my people. have a successful as well as lucrative trading week and stay awesome!
Cheers
Archie
