Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by marcus_of_augustus (10)
As an update to previous TA, price is now currently testing the 200 Day MA on a intra-day scale. This doesn't mean all that much unless there is a candle close below this level:
Instead, I still see the local pocket of support that has a strong chance of bouncing the price back above this critical Daily MA, given the strong uptrend on the 4hr chart:
Instead, I still see the local pocket of support that has a strong chance of bouncing the price back above this critical Daily MA, given the strong uptrend on the 4hr chart:
While bullish traders panic or take profits if the 21 MA (green) or 200 Day MA is broken (see above), the confluence of the following could find short-term support very nicely (purple circle):
- 50 MA trending upwards (red) in bullish formation with other moving averages
- Upwards trending old resistance trend-line (green) being re-tested as support
- Long-term 0.382 fib retracement level (yellow) as previous resistance