BTC bulls getting slaughtered
We look at the 4 hour data of BTC. At the moment we are below the vwap and and also we crossed below the 50 EMA. Before the 50 EMA acted as a strong support, but not anymore. If we cannot get above the 50 EMA line we can experience strong drop in the price.
Also important to mention is that we went below the ascending chanel line and from now on it will act as a resistance line.
Now price is approaching first resistance line at 8792 usd.
If we rebound from that we still need to go up the 50 EMA and above VWAP and for that we need a great deal of Volume which now is really low.
Also important to mention is that we went below the ascending chanel line and from now on it will act as a resistance line.
Now price is approaching first resistance line at 8792 usd.
If we rebound from that we still need to go up the 50 EMA and above VWAP and for that we need a great deal of Volume which now is really low.
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