This week all eyes will be on $BTC as its approaching a critical trend line. The significance of this, will either see Bitcoin bounce to potential $19500 area or further down fall back to $18800. I think the latter for a couple of reasons. Let's zoom in and take a look:
A couple of things to note:
Based off 4 HR Timeframe (Swing Trading mentality)
Major Support & Resistance Zones highlighted by purple
Short Term Support and Resistant lines highlighted blue lines
Overall trend of Bitcoin is down (Trend line is dotted diagonal)
Couple of rejections off of the down trend line signifying bears are still in control
Below 200 EMA (Solid navy blue line) overall
Upper Bollinger Band has been previously broken near trend line
For Bitcoin to make a major move, we need to see first a candle closed above the 50 EMA (light blue line) successfully, followed by a break above 19500 area and a push past the 200 EMA. Not saying this can't happen, but putting things in perspective as well as the overall sentiment of the crypto market, it's not looking like a pump anytime soon.
Does this mean all hope is loss? Not at all. If you are DCAing (Dollar Cost Averaging), you are in perfect shape with $BTC down over 60% from ATH (all time highs) this is a fantastic price to buy and accumulate. And if you are actively trading, shorts should be in order.
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This week all eyes will be on $BTC as its approaching a critical trend line. The significance of this, will either see Bitcoin bounce to potential $19500 area or further down fall back to $18800. I think the latter for a couple of reasons. Let's zoom in and take a look:
A couple of things to note:
