Bitcoin Local update
After some hesitation in the market, we look to be recovering slowly.
Critical Resistance Cluster: 51,450 - 52,250 (red margin)
Looking at our EMA levels we can see the price is now trading above the 20EMA(white) & 100EMA(blue) . Since the major price drop on the 22nd we have not seen a candle consolidate above these 2 important levels.
The EMA levels can be sought as potential support area. If we see a crossing anytime soon this could indicate upward continuation.
Rejection from the resistance cluster could lead us to keep testing the 100EMA level. If we happen to break below this line retest to critical demand / support areas at
45,000 - 47,000 is possible.
Closure above resistance cluster (red margin) would indicate a possible attempt to retest ATH and even explore higher.
Volatility seems to be neutral (ATR). Sideways action is possible for the time being.
Margin / Leverage trades, remember to enter always after confirmation.
Critical Resistance Cluster: 51,450 - 52,250 (red margin)
Looking at our EMA levels we can see the price is now trading above the 20EMA(white) & 100EMA(blue) . Since the major price drop on the 22nd we have not seen a candle consolidate above these 2 important levels.
The EMA levels can be sought as potential support area. If we see a crossing anytime soon this could indicate upward continuation.
Rejection from the resistance cluster could lead us to keep testing the 100EMA level. If we happen to break below this line retest to critical demand / support areas at
45,000 - 47,000 is possible.
Closure above resistance cluster (red margin) would indicate a possible attempt to retest ATH and even explore higher.
Volatility seems to be neutral (ATR). Sideways action is possible for the time being.
Margin / Leverage trades, remember to enter always after confirmation.
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