Price action is up above 21 monthly moving average and in the past, every time we have closed above the 21 monthly moving average we have seen big moves to the upside from bitcoin. Question is will we see bitcoin repeat history? Take a look at candle bodies and then price action every time we have gitten above the 21 on the monthly...
BTC has jus retested support on the Monthly at 7650, looks like it could be a tentative double bottom for now. A break below 6400 would imply further downward price action.
As of now we are trying to hold support at the 21e on the weekly, just below is the 200ema, and in red is the 50 day above. Big bearish candle here on the weekly. Our weekly close here is important, I am leaning towards big shorts here.
Bearish engulfing candle on the monthly. We were unable to get above monthly resistance, wherr yellow line is drawn across. Think we will see more downward movement up ahead. Monthly will be closing sunday! Big opportunities for shorts ahead, if candle will remain bearish!
