btc finds 200 ema support, whats next?As I have been posting in these "Ideas" for the past few weeks about market direction and where the price for BTC will go. It now has come to pass where the 200 EMA has been tested and support has been found, It however has not generated any relief among buyer sentiment unable to push price above the previous days close leaving the digital asset to continue to bleed out and cause positions from all the 93k Bulls to liquidate.
Its a shame people cannot make the connection that the only way price can go higher is to go lower in a market. That Is why I am going to warn people about where we may go , I believe the 200 EMA will be tested again and if support is broken it will send is into the low 70k area where there are open orders and It is possible this may happen. The Bull market support band is the 200EMA however there may be institutional money that may drive us down to cause massive liquidations and fear and panic among those holding bags while greed causes big players to push more into the fringe of where we can maintain a recovery.
Watch for a retest of the 200EMA . which is a bit of a fuzzy zone , use the high and low to denote the area for support as well as keep an eye on the RSI and CCI , we are also watching on balance volume drop off which is not a great sign that there is market confidence however this will play out over the weekly and the weekly candle will start to materialize in the next few days.
