BITCOIN is back at the 4H 200 EMA. The chart shows how since BTC flipped bullish above both the 50 & 200 4H EMA's, the moving averages have provided support when aggressively trending in the case of the 50 EMA (bounced twice). When BTC has a pullback/ranges we see that the 4H EMA provides support (bounced 4 times).
For the BTC rally to continue in the mid term this level must hold out to prevent further drawdown. With the halving only weeks away we have an decrease of supply and thus a a reduction in sellside pressure.
Greyscale do continue to sell but for how much longer we don't know. Once they do stop selling and the mining rewards halve we have a a very bullish environment for the rest of the year.
For now these are my thoughts on price action:
- Hold the 4H 200EMA, range between DAILY RESISTANCE and the moving average.
- Lose the 4H 200EMA, first support level is the DAILY SUPPORT, if that is lost then filling the wick at 59K could be on the cards and would offer a great place for long term holds.