Hello guys, have a look at here, in this chart you can see the importance of the 21 weekly EMA in the bull run of Bitcoin.
This right chart is the image of the 2017 Bitcoin chart at the weekly time frame.
every time the price touched it, ended up with a huge bounce and this magical exponential moving average has been acted as a very strong support. as you can see the price never closed below it in the bull run. as soon as the first weekly candle closed below it, it was the beginning of the bear market.
So 21 weekly Ema is the last man standing for the Bitcoin bulls.
and every single touch of this line was the best buying opportunity.
Now during the yesterday dump, price touched it after many many months of moving far away from it. and not surprisingly it bounced immediately .
I opened a long position on that touch and I went heavy on that position because the risk to reward ratio of buying here is so great and the potential upside move is huge.
**Not a financial advice, DYOR **
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