BTC Update! Bulls beat EMA resistance now want it as support!
Last chart we were looking to see which direction BTC broke either Sunday or Monday. The break came Sunday and bulls were able to get to a new high off their recent lows.
$3643 is now the resistance to watch and bulls have a higher low down at $3254 they now want to protect. Bulls were able to get above 12 and 26 EMA resistances on 4 hour chart with the move yesterday but continue to remain under the 12 EMA on daily chart. Since pulling back here the bulls are seeking another higher low and appear to be try to hold 12 EMA on 4 hour as support with bulls buying up anything when it dips below 12 EMA. But anything above $3254 would give a nice higher low and then bulls would seek another higher high to try and shift the trend.
Bears have covered a significant amount of shorts over the last couple of days but never saw enough pressure from the bulls to create a short squeeze and really get BTC running higher. The overall lack of a significant/sustained bounce from our lows has me continue to think long term our low is not set but as one who only trades bullish, sure would like a shift in the trend to give the bulls a little rally even if only for a week or two. But will wait for bulls to show some proof they aren't going to just lay down and let the bears take right back over this week.
Just My 2 Sats!
$3643 is now the resistance to watch and bulls have a higher low down at $3254 they now want to protect. Bulls were able to get above 12 and 26 EMA resistances on 4 hour chart with the move yesterday but continue to remain under the 12 EMA on daily chart. Since pulling back here the bulls are seeking another higher low and appear to be try to hold 12 EMA on 4 hour as support with bulls buying up anything when it dips below 12 EMA. But anything above $3254 would give a nice higher low and then bulls would seek another higher high to try and shift the trend.
Bears have covered a significant amount of shorts over the last couple of days but never saw enough pressure from the bulls to create a short squeeze and really get BTC running higher. The overall lack of a significant/sustained bounce from our lows has me continue to think long term our low is not set but as one who only trades bullish, sure would like a shift in the trend to give the bulls a little rally even if only for a week or two. But will wait for bulls to show some proof they aren't going to just lay down and let the bears take right back over this week.
Just My 2 Sats!
Related publications
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.