Bitcoin Weekly | EMA100 Critical Support (Neutral For The ...)

25 בינו׳ 2022

Here we can appreciate how EMA100 (blue line on the chart) is working as support for Bitcoin on the weekly timeframe:

This is an important level that can lead to consolidation before the next move.

Bitcoin Weekly Chart Analysis | EMA100
Looking back at Dec. '17 peak prices for Bitcoin, the correction that followed found support exactly at EMA100.



The bottom for this correction later came in Dec. '18 and the same pattern repeat.

See the chart:


1 - We have a bullish wave.
2 - Followed by correction that ends at EMA100.
3 - Sideways consolidation happens at EMA100.
4 - EMA100 is broken as support followed by a long-term phase of growth.

And we reach the present time.

Bitcoin went to hit a new All-Time High of $69,000 in November 2021.

What follows is a correction which found support at EMA100... Here, we can easily see some consolidation/sideways/range bound trading before the next move.

Small bounces are possible but the overall picture if EMA100 fails is bearish.

Leave a comment if you have any questions or any thoughts to share, positive or negative.
All feedback is welcome and highly appreciated.

Thanks a lot for reading.

Namaste.