The Next Huge Trade Is Literally Staring Us All In the Face
Ever since Bitcoin's plunge from 9.5K in late October, the price has been supported by the 4-day 200 EMA (purple line) and stifled/resisted by the 200 SMA (green line).
If we break the 200 EMA, to the downside, it means we will be breaking that long-term upward sloping trend line and breaking down from this huge channel, and I believe we will go lower than our previous low at 3K, possibly to as low as 1.5K.
If we break the 200 SMA, to the upside, we will (most likely) be breaking up from this channel, which means that long-term trend line held, and I believe it means we will be making new highs, potentially way higher than 20K.
As always, there is as much reason to be bearish in this area as there is to be bullish. And that's why you wait...
You can wait until we actually break one of these moving averages, or, if you want to play it more conservatively, wait until we actually get a full candle open and close above or below one of them.
Cheers, and happy trading!
If we break the 200 EMA, to the downside, it means we will be breaking that long-term upward sloping trend line and breaking down from this huge channel, and I believe we will go lower than our previous low at 3K, possibly to as low as 1.5K.
If we break the 200 SMA, to the upside, we will (most likely) be breaking up from this channel, which means that long-term trend line held, and I believe it means we will be making new highs, potentially way higher than 20K.
As always, there is as much reason to be bearish in this area as there is to be bullish. And that's why you wait...
You can wait until we actually break one of these moving averages, or, if you want to play it more conservatively, wait until we actually get a full candle open and close above or below one of them.
Cheers, and happy trading!
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