BITCOIN - Mid-term Overview
Hello everyone, rouzwelt here
I want to start by taking a look at Bitcoin weekly chart, as you can see in the screenshot below, I have used 21 and 34 weekly EMA to indicate the possible dynamic support/resistance levels. I generally don't use Moving Averages for my analysis, cause I find them too laggy, but in this case It's not bad to take a look at them as we are in weekly timeframe. These 2 EMAs are actually widely used by traders to identify trend reversals and shift in momentum. Generally speaking, failure to maintain above these 2 EMAs is an indication of the bear market and vice versa. You can clearly see that in chart, whenever the price was below these EMAs we where in bear market and they acted as strong resistances. In the whole recent bull run price was above these 2 EMAs and whenever the price has fallen, they acted as support and we saw a bounce from them, but since we break below them for the first time since the beginning of the bull run, they are now starting to act as resistances as we have rejected once from them since then. I believe that if we start to see an uprise right now in the chart, the possible reversal point might be around these 2 EMAs as they will act as strong resistances, sure there can be a break above them, but we need to see that to be sustainable and don't get rejected after a few weeks, so we can confirm that they are now our dynamic supports.
But now let's take a look at daily timeframe, another thing I'd like to mention here is the macro down trend line (green line) in the chart, formed from connecting our last 2 highs in daily chart. I believe that this trend line is the critical line for Bitcoin to be able break above, if we want to see higher levels again and see a new bull run or continuing of the existing one ( if BTC manage to do it before the end of the year). And as it is crystal clear, the longer Bitcoin stays below this trend line the probability of seeing lower levels increases.
I'd like to point something out here, if we see a horizontal price action towards the trend line from now on, it almost takes 2 more months in 30/40k range, which I believe is the least expected move from Bitcoin at this moment, but it could be very bullish signal for me and for BTC, as our main support level of 30k becomes so strong that we will not see it breaks about 4 months. Such scenario looks very bullish to me and puts BTC in strong position again.
So I just wanted to mention these 2 ( the EMA and Trend Line) so that you keep an eye on them as potential critical zones for Bitcoin in mid-term, as they can be clear indications for momentum shift in the market, technically. I hope this post is informative and as always have fun and trade safe.
I want to start by taking a look at Bitcoin weekly chart, as you can see in the screenshot below, I have used 21 and 34 weekly EMA to indicate the possible dynamic support/resistance levels. I generally don't use Moving Averages for my analysis, cause I find them too laggy, but in this case It's not bad to take a look at them as we are in weekly timeframe. These 2 EMAs are actually widely used by traders to identify trend reversals and shift in momentum. Generally speaking, failure to maintain above these 2 EMAs is an indication of the bear market and vice versa. You can clearly see that in chart, whenever the price was below these EMAs we where in bear market and they acted as strong resistances. In the whole recent bull run price was above these 2 EMAs and whenever the price has fallen, they acted as support and we saw a bounce from them, but since we break below them for the first time since the beginning of the bull run, they are now starting to act as resistances as we have rejected once from them since then. I believe that if we start to see an uprise right now in the chart, the possible reversal point might be around these 2 EMAs as they will act as strong resistances, sure there can be a break above them, but we need to see that to be sustainable and don't get rejected after a few weeks, so we can confirm that they are now our dynamic supports.
But now let's take a look at daily timeframe, another thing I'd like to mention here is the macro down trend line (green line) in the chart, formed from connecting our last 2 highs in daily chart. I believe that this trend line is the critical line for Bitcoin to be able break above, if we want to see higher levels again and see a new bull run or continuing of the existing one ( if BTC manage to do it before the end of the year). And as it is crystal clear, the longer Bitcoin stays below this trend line the probability of seeing lower levels increases.
I'd like to point something out here, if we see a horizontal price action towards the trend line from now on, it almost takes 2 more months in 30/40k range, which I believe is the least expected move from Bitcoin at this moment, but it could be very bullish signal for me and for BTC, as our main support level of 30k becomes so strong that we will not see it breaks about 4 months. Such scenario looks very bullish to me and puts BTC in strong position again.
So I just wanted to mention these 2 ( the EMA and Trend Line) so that you keep an eye on them as potential critical zones for Bitcoin in mid-term, as they can be clear indications for momentum shift in the market, technically. I hope this post is informative and as always have fun and trade safe.
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