#BTCUPDATE
Taking a longer timeframe look on BTC and it is starting to look a little shakey. We have seen a significant break down on a rising wedge and through a key Daily trendline that has held since December/January.
The 50 EMA has been broken for the first time since October
As previous analysis has suggested it is looking like the $59k/$60k is going to show a particularly large AND extended rejection sub $50k and likely to $45k where the 200EMA meets with strong support. I feel there will be a good bounce at $50k but not enough to hold.
This is not to cause FUD but give you prior warning with a bit of a trap that will likely happen at the $59k-$60k region with ALT's rallying up to that point.
Hopefully I am wrong and we break back above $60k although general patterns are suggesting otherwise right now.
Taking a longer timeframe look on BTC and it is starting to look a little shakey. We have seen a significant break down on a rising wedge and through a key Daily trendline that has held since December/January.
The 50 EMA has been broken for the first time since October
As previous analysis has suggested it is looking like the $59k/$60k is going to show a particularly large AND extended rejection sub $50k and likely to $45k where the 200EMA meets with strong support. I feel there will be a good bounce at $50k but not enough to hold.
This is not to cause FUD but give you prior warning with a bit of a trap that will likely happen at the $59k-$60k region with ALT's rallying up to that point.
Hopefully I am wrong and we break back above $60k although general patterns are suggesting otherwise right now.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.