BTC resting the support?
BTC is bearish on all low time frames, however if we look at the daily time frame we see the following:
1) BTC failed to get above the 200D SMA resistance (48k)
2) BTC came back to retest the support marked in white horizontal line which coincides with the Bull Band of both the 21W EMA and 20W SMA (44k).
The conclusion:
1) On a daily basis, BTC shouldn't lose the 44k support to maintain confidence in its bull run. However, we know that BTC usually hunts to liquidate the Long Margin Calls. So a quick penetration of the 44k support is possible to shake the market, and fuel BTC's rise with margin calls.
2) On weekly perspective, BTC should NOT close the weekly candle below 44k. This is the defense line for the bulls that they need to hold if this bull run to have a chance to go up.
3) If BTC closes the week (Sunday night) below 44k, it'd be wise to exit all Alts into USDT... for this would indicate the bull run is over for few weeks to follow.
1) BTC failed to get above the 200D SMA resistance (48k)
2) BTC came back to retest the support marked in white horizontal line which coincides with the Bull Band of both the 21W EMA and 20W SMA (44k).
The conclusion:
1) On a daily basis, BTC shouldn't lose the 44k support to maintain confidence in its bull run. However, we know that BTC usually hunts to liquidate the Long Margin Calls. So a quick penetration of the 44k support is possible to shake the market, and fuel BTC's rise with margin calls.
2) On weekly perspective, BTC should NOT close the weekly candle below 44k. This is the defense line for the bulls that they need to hold if this bull run to have a chance to go up.
3) If BTC closes the week (Sunday night) below 44k, it'd be wise to exit all Alts into USDT... for this would indicate the bull run is over for few weeks to follow.
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