bitcoin- extended correction Shorts vs longs Can bulls comeback?
Yesterday I posted an hourly chart depicting an ABC correction in what I thought would be a micro correction. I was admittedly wrong.
The 55EMA and the 100EMA both broke down under shorts selling pressure. Shorts brought intense volume at the top of the uptrend we just saw at 9750.
After breaking down the 55 and 100 we saw a good bounce at the 200SMA only to be rejected at reentry of the 55. If we had broken above the 55EMA it would have still counted as an ABC correction but we see that shorts are obviously greedy fools still shell shocked by the bear market we are recovering from.
If bitcoin can hold in this zone we will see gradual build of sentiment and buyer s will step back in to retest the 55EMA and 100EMA to break above them again and try the new horizontal resistance levels.
bitcoin is building more and more zones of resistance as its going but with that its gathering more and more zones of support as well.
The only question now is can bulls comeback?
The 55EMA and the 100EMA both broke down under shorts selling pressure. Shorts brought intense volume at the top of the uptrend we just saw at 9750.
After breaking down the 55 and 100 we saw a good bounce at the 200SMA only to be rejected at reentry of the 55. If we had broken above the 55EMA it would have still counted as an ABC correction but we see that shorts are obviously greedy fools still shell shocked by the bear market we are recovering from.
If bitcoin can hold in this zone we will see gradual build of sentiment and buyer s will step back in to retest the 55EMA and 100EMA to break above them again and try the new horizontal resistance levels.
bitcoin is building more and more zones of resistance as its going but with that its gathering more and more zones of support as well.
The only question now is can bulls comeback?
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