BTC eyeing major resistance
Updated
Hi,
On the 4-hour char we can see that BTC has already broken the big downtrend channel and is now in a nice little uptrend. However there seems to be a major resistance (blue line). I think if the blue resistance line is broken and the volume is good we can safely say that BTC is in a bullish market. However the volume is declining a little and MACD shows a bearish crossover. So it will be interesting what happens in the next day or two.
Cheers!
On the 4-hour char we can see that BTC has already broken the big downtrend channel and is now in a nice little uptrend. However there seems to be a major resistance (blue line). I think if the blue resistance line is broken and the volume is good we can safely say that BTC is in a bullish market. However the volume is declining a little and MACD shows a bearish crossover. So it will be interesting what happens in the next day or two.
Cheers!
Note
Hi,As you can see the BTC bounced from the blue resistance line and is now heading down. This is not very surprising. BTC should be able to find plenty of support on the 200 EMA (in violet) and the bottom of the green uptrend. If BTC breaks down further and goes back to the red downtrend channel then this will be quite bearish. However lets first see if the 200 EMA can hold. I think it could, it showed strong support in Feb.
Cheers!
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