BTCUSD keeps getting rejected at the 50day EMA
Hi guys,
We keep getting rejected at the 50-day EMA and today the fourth consecutive failure there resulted in a heavy drop back to PHASE 1 or the $6,900-$7,000 zone on our chart, which was also the horizontal S/R of the ascending triangle on the daily chart.
The mid-week session on Wednesday was seen as a continuation of the bull trend after the profit-taking activities that caused the drop in the previous session, but then on Thursday the decreasing volumes did not support the upward movement and we witnessed a weak effort from bulls to keep up with the momentum.
I'm looking at the $6,900 line to provide support here, but in the meantime, we are slowly going out of our customized buy zone on the RSI index and volumes are once again back to the good gold $32-$34 billion mark. Things are not looking good.
On the 1h chart, we got crashed at the bull pennant, which obviously did not result in a bull breakout, but rather caused a drop below all major EMAs and the uptrend line.
We keep getting rejected at the 50-day EMA and today the fourth consecutive failure there resulted in a heavy drop back to PHASE 1 or the $6,900-$7,000 zone on our chart, which was also the horizontal S/R of the ascending triangle on the daily chart.
The mid-week session on Wednesday was seen as a continuation of the bull trend after the profit-taking activities that caused the drop in the previous session, but then on Thursday the decreasing volumes did not support the upward movement and we witnessed a weak effort from bulls to keep up with the momentum.
I'm looking at the $6,900 line to provide support here, but in the meantime, we are slowly going out of our customized buy zone on the RSI index and volumes are once again back to the good gold $32-$34 billion mark. Things are not looking good.
On the 1h chart, we got crashed at the bull pennant, which obviously did not result in a bull breakout, but rather caused a drop below all major EMAs and the uptrend line.
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I don't know I just have that feeling we are going to re-test $6,100 in the coming days...
