BTC: Still Under Pressure. Must Break above the 100 EMA!

18 sept. 2024

Hello Traders,

I hope you are all doing well.

If you have followed my previous BTC update, you'll know how strongly the 100 EMA is holding the price. This is the second attempt where BTC has tried to break above the 100 EMA ($60.7k), but it is still unable to do so.

According to our analysis, BTC must break above this resistance on the daily chart to reach the $68k-$69k target. If not, a rejection is likely.

Note: Expect volatility in the market over the next few hours. Be cautious and do your own research before investing.

- Current Resistance: 100 EMA at $60.7k.
- Bullish Scenario: A daily close above the 100 EMA.
- Bearish Scenario: A rejection below the 100 EMA.

Trade Safely.

19 sept. 2024

Transaction en cours

Finally, BTC has broken above the 100 EMA on the daily timeframe. Currently, it’s aiming for the resistance trendline at $69K, and it will be interesting to see if BTC can rally as expected.

If you look closely, the RSI is showing signs of forming a hidden bearish divergence, where the price is below the previous swing high while the RSI is gaining momentum. If this plays out, be prepared for a significant impact.

The only way this pattern will be invalidated is if BTC closes above 64K on the daily and continues to rally.

I hope this update was helpful.

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Thank you!

#BTC #Crypto