EMA100 Tested As Support, Critical Support | Bitcoin

Looking at the 4h Timeframe for Bitcoin (BTCUSD), EMA100 is being tested at support... A critical level.

Here EMA100 is the blue line on the chart.
Breaking below this level would send prices crashing down fast.

Looking at the recent lower highs and lower lows, this is something that is expected.

Look at the MACD:

It has gone below zero (bearish) with a red histogram red and plenty of room for an additional drop.

The RSI is in a similar situation.

Conditions for change
EMA100 is the level to look for as mentioned before, short-term in this case.

EMA100 stands at $60300.
If prices reverse strongly at this level, the bulls can recover.

The longer it takes to bounce back above EMA100, the stronger the bears become.

This is a short-term analysis.
We will look at higher timeframes and the bigger picture next.

We still believe a correction is necessary before Bitcoin hits $100K.

What's your take on this development?
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Namaste.

تعليق:

Here it comes...