Bitcoin is having a healthy bounce off the 1 and 4hr 50 day EMA aswell as finding support on previous resistance (white downward sloping line). For a definitive breakout we need to break a cluster of resistance:
- 800 day EMA
- downward sloping resistance line (dotted line)
- 58-60K resistance / supply area
If we break these levels (which is a lot of converging resistance) and hold the resistance cluster (orange zone) as support, we can expect a run towards a new ATH. There's some work to do for the bulls to defeat the bears in this supply zone, however the momentum favors bullish price action.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
- 800 day EMA
- downward sloping resistance line (dotted line)
- 58-60K resistance / supply area
If we break these levels (which is a lot of converging resistance) and hold the resistance cluster (orange zone) as support, we can expect a run towards a new ATH. There's some work to do for the bulls to defeat the bears in this supply zone, however the momentum favors bullish price action.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
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