Bitcoin is testing the current support at its 50 EMA which is usually a healthy pullback during bull rallies. However, this is not a very strong support right now, given that the volume is not kicking-in.
A failure to hold this level will send it easily to lower support and into my buy zone (marked with the red field).
Watching closely if price will bounce from the current 50 EMA level, which can indicate strength, but anticipating a breakdown toward the 90k region in the immediate term.
Longer term we remain bullish for now.
A failure to hold this level will send it easily to lower support and into my buy zone (marked with the red field).
Watching closely if price will bounce from the current 50 EMA level, which can indicate strength, but anticipating a breakdown toward the 90k region in the immediate term.
Longer term we remain bullish for now.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.