That 12h 20 EMA rejection occurred on top of the bullish cross/intersection of the 20/21w MA band. Then the 20w SMA knocked it down again.
Interesting double rejection. I'm always inclined to attribute reactions to the 12h 20 EMA as the result of algo/bot trading. Price often responds to it. Rumors are that whales wanted to finish accumulation in this range (lower $40s). If we continue to respect the $40k range as support, I feel good about another rally to the upside and recovering that 20/21w MA band. But a close below $40k may put that at risk (short term).
Interesting double rejection. I'm always inclined to attribute reactions to the 12h 20 EMA as the result of algo/bot trading. Price often responds to it. Rumors are that whales wanted to finish accumulation in this range (lower $40s). If we continue to respect the $40k range as support, I feel good about another rally to the upside and recovering that 20/21w MA band. But a close below $40k may put that at risk (short term).
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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.