Is this another dip to be bought or the beginning of a deeper correction?
Price bounced off its 21-day EMA to finish above the 200-day SMA. The $49.2k resistance (former range support) is providing some stickiness for bulls to take price higher. The RSI has moved out of overbought territory and approaching the 55 level of support which ensure price dips were held and we didn’t see a reversal of the uptrend. There is some negative divergence that’s formed, leading to some loss of steam on the momentum front. Targets - to the upside are $49.2k (decisive close above) and the $52.775k mark which was former range support earlier this year. On the downside targets are the 21-day EMA and 200-day SMA providing support at roughly
46K and the former range resistance at $41k. There is minor support at 44K too.
(Analyst - Luke Suddards)
Price bounced off its 21-day EMA to finish above the 200-day SMA. The $49.2k resistance (former range support) is providing some stickiness for bulls to take price higher. The RSI has moved out of overbought territory and approaching the 55 level of support which ensure price dips were held and we didn’t see a reversal of the uptrend. There is some negative divergence that’s formed, leading to some loss of steam on the momentum front. Targets - to the upside are $49.2k (decisive close above) and the $52.775k mark which was former range support earlier this year. On the downside targets are the 21-day EMA and 200-day SMA providing support at roughly
46K and the former range resistance at $41k. There is minor support at 44K too. (Analyst - Luke Suddards)
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Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
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.