Bitcoin BTC - Will we find support?
BTC has retraced down from making its new ATH to a critial area of support
We have still not touched the weekly 20EMA (which tends to happen every 14 weeks) which is still a strong possibility at 52.8k area and it is vital that this is not broken once again
This is widley reffered to as the Bitcoin bullrun support band which was already penetrated before so a 2nd time would be deverstating
We are also at the 'golden zone' of the retracment which is the 0.5 - 0.618 of the fibbonachi where supoort needs to hold
Futher more we have our weekly trendline of support which is yet to be tested
You will see we are making a falling wedge towards these areas which has a strong bullish bias and marked off on the chart is a previous move made from a very silimar postion a few weeks back where we exploded up
Watch this one closely and if we break the wedge up expect some fireworks
We have still not touched the weekly 20EMA (which tends to happen every 14 weeks) which is still a strong possibility at 52.8k area and it is vital that this is not broken once again
This is widley reffered to as the Bitcoin bullrun support band which was already penetrated before so a 2nd time would be deverstating
We are also at the 'golden zone' of the retracment which is the 0.5 - 0.618 of the fibbonachi where supoort needs to hold
Futher more we have our weekly trendline of support which is yet to be tested
You will see we are making a falling wedge towards these areas which has a strong bullish bias and marked off on the chart is a previous move made from a very silimar postion a few weeks back where we exploded up
Watch this one closely and if we break the wedge up expect some fireworks
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