Over the last few days $BTC has endured some immense pressure from the bears. As seen on the chart, on 4 occasions (A to D), the price has been pushed below the EMA 25. However, the bulls have been able to push back above the EMA 25. More recently, the price fell below the EMA 25 (see E on the chart) which suggests that the bears persistence may have paid off. The price has stayed below the EMA 25 for 13 consecutive days. What may be worse for Bitcoin is that April 30 is monthly options expiry date, and therefore further sell offs may be expected.
While $BTC is more than capable of reversing the trend, it may need a huge move on the fundamentals to push back above the EMA 25 and ultimately gun for the ATH. The current trend may however present an opportunity for buyers.
All things said and done – $BTC looks rather fragile.
While $BTC is more than capable of reversing the trend, it may need a huge move on the fundamentals to push back above the EMA 25 and ultimately gun for the ATH. The current trend may however present an opportunity for buyers.
All things said and done – $BTC looks rather fragile.
