Greetings to anyone who is reading our analysis,
To get right into the chart, we have a couple of levels to consider currently as we move forward.
First, we have the falling trend-line resistance (in red), coupled with the 61.8% fib level, which held BTC down from approximately 8400.
Second, we have the 1200 EMA below (in purple), which held as a supportive level at approximately 7800.
Moving forward, we need to see a confirmed break-out above the 8400 level for BTC to move forward, or otherwise a breakdown from the 1200 EMA, with a potential new downtrend from here.
If we break down from here, it will fall in-line with what we've seen from BTC since our 20k high; A continuation of the downtrend cycle with a lower high as we've been seeing these past months.
This next movement will be critical for BTC moving forward.
Stay tuned for more updates!
To get right into the chart, we have a couple of levels to consider currently as we move forward.
First, we have the falling trend-line resistance (in red), coupled with the 61.8% fib level, which held BTC down from approximately 8400.
Second, we have the 1200 EMA below (in purple), which held as a supportive level at approximately 7800.
Moving forward, we need to see a confirmed break-out above the 8400 level for BTC to move forward, or otherwise a breakdown from the 1200 EMA, with a potential new downtrend from here.
If we break down from here, it will fall in-line with what we've seen from BTC since our 20k high; A continuation of the downtrend cycle with a lower high as we've been seeing these past months.
This next movement will be critical for BTC moving forward.
Stay tuned for more updates!
Comment:
BTC is nearing a corner now. With the low volume we've experienced recently, I wouldn't be surprised if a bigger move came soon.
Comment:
It seems that the 1200 EMA (in purple) has held supportive yet again. This time, the reaction at the 1200 EMA was much quicker than before, indicating an increased desire to buy at this level.
There seems to be more buying confidence at the 1200 EMA because it has been tested before on (7/27) and was proven to be a solid support level; which accelerated our second bounce.
This still does not indicate a move in either direction. Both resistive and supportive levels are holding, and the market has yet to make a decision on where to go.
(this was just a quick explanation for what has happened so far, not a prediction for either side to breakout)
There seems to be more buying confidence at the 1200 EMA because it has been tested before on (7/27) and was proven to be a solid support level; which accelerated our second bounce.
This still does not indicate a move in either direction. Both resistive and supportive levels are holding, and the market has yet to make a decision on where to go.
(this was just a quick explanation for what has happened so far, not a prediction for either side to breakout)
