This is just a quick update on Bitcoin's short term price action.
The 5H chart is close to printing a Death Cross (EMA50 crossing below the EMA200). Since we are still within a 1D Descending Triangle (meaning Lower Highs with a Support) with 9100 as the 1D Support, there is a strong probability of another contact.
This argument becomes stronger as the previous time BTC made a Death Cross on 5H, the price touched the 9100 Support before making a strong Lower High rebound within the Descending Triangle. The candle action (see the Rectangles on the chart) now and then is identical.
Is $9100 - 9400 a valid Demand Zone? Hit the like and subscribe button and let me know in the comments section for another heated discussion!
Latest material:
The 5H chart is close to printing a Death Cross (EMA50 crossing below the EMA200). Since we are still within a 1D Descending Triangle (meaning Lower Highs with a Support) with 9100 as the 1D Support, there is a strong probability of another contact.
This argument becomes stronger as the previous time BTC made a Death Cross on 5H, the price touched the 9100 Support before making a strong Lower High rebound within the Descending Triangle. The candle action (see the Rectangles on the chart) now and then is identical.
Is $9100 - 9400 a valid Demand Zone? Hit the like and subscribe button and let me know in the comments section for another heated discussion!
Latest material:
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