BTC/USD Important hurdles ahead. It's do or die for BTC!
Hello there *Ewan Mcgregor voice*,
In my previous post, I discussed the hurdles Bitcoin will be facing in the near future. If we want to see momentum turn back in favor of the bulls, these hurdles must be overcome or Bitcoin will face a long and cold winter.
So let's zoom out and look at what we're up against.
The most important is to break the trend lines which have been acting as Resistance since the June 13800$ top was set 164 days ago.
We can clearly see that these lines have acted as support as well as resistance and that they are significant on the higher time frames.
Next up are the major Moving averages
50MA (orange)
100MA (green)
200MA (red)
Bitcoin finds itself beneath all three. They will act as resistance and breaking them will be crucial.
If we do, close above them and find support on the trend lines, we might see a big reversal play out.
This concludes this short overview. Suffice to say that the Bitcoin bulls have a lot of proving to do these coming weeks. If they don't we might see Bitcoin drop further down, testing 5800$ support.
Feel free to comment and leave a Like.
Happy trading and remember;
"There's a difference between knowing the path and walking the path" - Morpheus_RED
In my previous post, I discussed the hurdles Bitcoin will be facing in the near future. If we want to see momentum turn back in favor of the bulls, these hurdles must be overcome or Bitcoin will face a long and cold winter.
So let's zoom out and look at what we're up against.
The most important is to break the trend lines which have been acting as Resistance since the June 13800$ top was set 164 days ago.
We can clearly see that these lines have acted as support as well as resistance and that they are significant on the higher time frames.
Next up are the major Moving averages
50MA (orange)
100MA (green)
200MA (red)
Bitcoin finds itself beneath all three. They will act as resistance and breaking them will be crucial.
If we do, close above them and find support on the trend lines, we might see a big reversal play out.
This concludes this short overview. Suffice to say that the Bitcoin bulls have a lot of proving to do these coming weeks. If they don't we might see Bitcoin drop further down, testing 5800$ support.
Feel free to comment and leave a Like.
Happy trading and remember;
"There's a difference between knowing the path and walking the path" - Morpheus_RED