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Will Bitcoin Break or Fail at the 200 EMA on the 12HR?
Hey everyone!
Bullish Scenario: If the 12HR candle close above the 200 EMA then the floodgates will blow open! Bitcoin would retest $8,100 if not higher depending on the volume after closing but if it has a break out like it did at $7,200 I wouldn’t be surprised if we passed $8,100 and went to the resistance at $8,500.
Bearish Scenario: If bitcoin doesn’t close above the 200 EMA on the 12HR then that impulse wave is done and we will retrace back to 7k or $7,100 before finding support again at the .618 fib levels.
IMO: Bears are in control and bitcoin will fall to the support ranges that I just mentioned(THIS IS NOT FINANCIAL ADVICE).
Just my opinion!
Bullish Scenario: If the 12HR candle close above the 200 EMA then the floodgates will blow open! Bitcoin would retest $8,100 if not higher depending on the volume after closing but if it has a break out like it did at $7,200 I wouldn’t be surprised if we passed $8,100 and went to the resistance at $8,500.
Bearish Scenario: If bitcoin doesn’t close above the 200 EMA on the 12HR then that impulse wave is done and we will retrace back to 7k or $7,100 before finding support again at the .618 fib levels.
IMO: Bears are in control and bitcoin will fall to the support ranges that I just mentioned(THIS IS NOT FINANCIAL ADVICE).
Just my opinion!
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