As you can see, our 50 day EMA is still holding within the Bullish channel. It is important that we move and hold out above the red zone or else we will assuredly drop to previous strong support around 42k. Bulls have been fighting to keep BTC in this direction, and so far, have been able turn the picture away from the doom and gloom we were seeing yesterday....
EMAs still paint a bullish picture, lots of wiggle room before we go into a Bearish Trend. If we hold above 50k area through the night, then BTC is looking good to go up from here. That being said, not a good a day, but could be worse; not convinced we are going down...yet.
Despite a very red day today, the EMAs point towards a bullish trend. SKL is seeing higher volumes and is poised to grow very well over the next few months. Let's see if i'm right ;)
EMA is beginning to retrace what it was after BTC's previous all time high. If it can hold this up to October, then we may see a strong rise in value over the long term.
Now that BTC has traded above previously established resistance levels, will we see a continued climb? Aside from inevitable dumps, if trends continue, we will see BTC retrace to the higher end of the $6-7000 range. My chart is agnostic of news and potential market disruptions, as well as predictions towards the direction of the global economy (for which I am...