Critical Support at 8.2k managed to strongly bounce the price and now we are going to challenge the prior swing high.
The 200-Day MA keeps declining and this time it is at around 8.9k, which is in line with the recent highs.
Reasons to get rejected by the 200-Day MA again is that it is a very tough resistance, which is in line with the ultimate target of the Falling Wedge and strong horizontal.
It’s time to be skeptical of this mini rally as we approach the resistance, but if we break the 200-Day MA, we’ll automatically go above the swing high. And that would be significant!
If we eventually cut through that level of resistance, things will turn pretty bullish (+ In a week we are going to have the Golden Cross between EMA50 & EMA200 on the daily)
Note: On 12h we’ve already got the Golden Cross
We haven’t seen the cross between MA200 & MA50 on 12h timeframe for a while and previous two times the crossing was pretty relevant and anticipated huge moves.
On March 1st, 2019 we had a Golden Cross. The price of Bitcoin was at ~3.7k. After the cross we reached 14k
On September 7th, 2019 we had a Death Cross. The price was at ~10k. After the cross we fell to 6.4k
What do you think about it? Give us your opinion in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
The 200-Day MA keeps declining and this time it is at around 8.9k, which is in line with the recent highs.
Reasons to get rejected by the 200-Day MA again is that it is a very tough resistance, which is in line with the ultimate target of the Falling Wedge and strong horizontal.
It’s time to be skeptical of this mini rally as we approach the resistance, but if we break the 200-Day MA, we’ll automatically go above the swing high. And that would be significant!
If we eventually cut through that level of resistance, things will turn pretty bullish (+ In a week we are going to have the Golden Cross between EMA50 & EMA200 on the daily)
Note: On 12h we’ve already got the Golden Cross
On March 1st, 2019 we had a Golden Cross. The price of Bitcoin was at ~3.7k. After the cross we reached 14k
On September 7th, 2019 we had a Death Cross. The price was at ~10k. After the cross we fell to 6.4k
What do you think about it? Give us your opinion in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
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