BTC situation
The BTC is in a channel.
We recently saw a fall price, but today we are trying to reverse this fall.
We broke up the 20 EMA and 50 EMA, reaching the 130 EMA.
To continue with a bullish outlook we need break through this strong "Resistance Zone", that encompasses earlier tops and bottoms, in addition to the 78% of fibonacci extension.
The Rsi is overbought, this not reinforce a bullish theory. It is also necessary to break the resistance of the volume to ensure a high move.
If there is a broken of "resistence zone" we can continue with the fibonacci extensions, leading us to the top of the canal, the zone of 9000.
Due to strength of these resistances, we must also consider short positions.
If we lose the 20EMA, it's possible the return to the 7000 region.
We recently saw a fall price, but today we are trying to reverse this fall.
We broke up the 20 EMA and 50 EMA, reaching the 130 EMA.
To continue with a bullish outlook we need break through this strong "Resistance Zone", that encompasses earlier tops and bottoms, in addition to the 78% of fibonacci extension.
The Rsi is overbought, this not reinforce a bullish theory. It is also necessary to break the resistance of the volume to ensure a high move.
If there is a broken of "resistence zone" we can continue with the fibonacci extensions, leading us to the top of the canal, the zone of 9000.
Due to strength of these resistances, we must also consider short positions.
If we lose the 20EMA, it's possible the return to the 7000 region.
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