BTC DAILY - MA compression On the daily timeframe something very interesting is happening. A convergence of price around the blue KEY S/R is very interesting when you factor in what the moving averages are doing around this level also.
1D 200 EMA is completely flat having lost all of its momentum with the months of chop and then the sell-off into current levels. For a bullrun to be credible you want to see price above this level and a steady/steep slope up. Due to the lack of direction of this moving average price is able to climb above and drop below very easily and therefor it is neither support nor resistance until there is a trend.
1D 25 EMA is a different story, now that BTC has put in a local top and trending down, the 25 EMA is resistance but has been flipped in the last few days with price bouncing off the level 4 days in a row. This is good news for the bulls but the longer we linger here there is more chance dropping back under it.
Diagonal resistance as simple as it is has 4 points of contact and will be a big point of resistance and one many traders will be keeping an eye on.
On the lower timeframes we're seeing a bullish channel, a loss of this channel would be a huge red flag and a catalyst for a risk off event IMO, continuing the downtrend.
