On the weekly time frame what concerns me the most ion the panel below, is the bearish divergence the RSI 14 has been doing and still dropping likely to reach oversold levels, overall Bitcoin is starting the year a bit week but bulls are still trying to hold the previous bottom.
Price was rejected from a crucial level on the 50k range as well from the 12 and 21 EMA (red and green) on the currently weekly trading candle.. EMA 50 (purple) still holding, the question is, for how long?
As you can see the 35K range was traded for almost 2 months before the breakout, that is why, I consider this level as the floor to respect in order to keep moving up.
Price was rejected from a crucial level on the 50k range as well from the 12 and 21 EMA (red and green) on the currently weekly trading candle.. EMA 50 (purple) still holding, the question is, for how long?
As you can see the 35K range was traded for almost 2 months before the breakout, that is why, I consider this level as the floor to respect in order to keep moving up.
