Hi all, lets analyze hourly chart for
BTCUSD
where we are now struggling with STRONG resistance at 200 day EMA. Breaking the level and then finding the support on top of 200 day EMA could be considered as good indicator for the end of the bear market.
Currently
BTCUSD
is in uptrend, having 7 consecutive higher highs and higher lows. Breaking the below the previous low at $7728 would mean a collapse of this uptrend pattern and thus bearish movement could be anticipated (this could also be a catalyst for dropping over what some analysts see as bear flag forming on 4h chart).
Very important development on
BTCUSD
is going to unfold. Be alert!
BTCUSD
where we are now struggling with STRONG resistance at 200 day EMA. Breaking the level and then finding the support on top of 200 day EMA could be considered as good indicator for the end of the bear market. Currently
BTCUSD
is in uptrend, having 7 consecutive higher highs and higher lows. Breaking the below the previous low at $7728 would mean a collapse of this uptrend pattern and thus bearish movement could be anticipated (this could also be a catalyst for dropping over what some analysts see as bear flag forming on 4h chart). Very important development on
BTCUSD
is going to unfold. Be alert!
Comment:
We broke the 200 day EMA resistance. Lets now see if we will hold onto it as a support. I am bit skeptical about this due to the low bullish volume.