Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Quick overview of price action; on the 4hr, the bears remain in control by creating lower highs as well as trapping bulls at higher prices:
On one short-term view of the Daily chart, there is a a key support trend-line that price will need to bounce from to remain bullish in the short-term:
Zooming out a bit further on the same time-frame and it becomes clear we are at key accumulation/distribution level from the past 9 months of trading:
While this week's candle turns bearish, the short-term and mid-term MAs continue to rise in bullish fashion and formation, highlighting the next level of support:
The 21 MA, that price previously found support from at $40K, is now at $51K and continues to rise, while the 50 Week MA is at $47K. Breaking the support trend-line on the Daily and making new local lows would likely lead to a further correction to $49-51K level. While the shorter time-frames remain bearish, the mid-term remains relatively neutral and longer-term remains bullish.
Given the amount of fear and uncertainty in the market based on the shorter-term price action, I wouldn't be surprised to see price wick down to re-test $50K, similar how to $40K was re-tested.
On one short-term view of the Daily chart, there is a a key support trend-line that price will need to bounce from to remain bullish in the short-term:
Zooming out a bit further on the same time-frame and it becomes clear we are at key accumulation/distribution level from the past 9 months of trading:
While this week's candle turns bearish, the short-term and mid-term MAs continue to rise in bullish fashion and formation, highlighting the next level of support:
The 21 MA, that price previously found support from at $40K, is now at $51K and continues to rise, while the 50 Week MA is at $47K. Breaking the support trend-line on the Daily and making new local lows would likely lead to a further correction to $49-51K level. While the shorter time-frames remain bearish, the mid-term remains relatively neutral and longer-term remains bullish.
Given the amount of fear and uncertainty in the market based on the shorter-term price action, I wouldn't be surprised to see price wick down to re-test $50K, similar how to $40K was re-tested.