Bitcoin made a very nice move up from its current local low at $9860, and recently powered its way through the 4H 200 MA.
Not too long afterwards, it fell back below it and closed a candle underneath.
This 4H candle tried to rally back up above the 200, but so far has had no luck. If the 4H cannot regain this MA ($10768) I would expect at least more consolidation, but potentially more downside...
For me to turn bullish again, the Daily 21 EMA needs to be broken and closed above. At the moment we are well below it, after recently rejecting from it at $11075.
BTC hasn't opened and closed a daily candle below the 21 EMA since the 6th June, so this could spell some weakness. Just keep this in mind, that this is a daily, so it takes 24H of price action, magic is always possible in Bitcoin's ridiculously volatile market.
BTC is also currently below the 3D 10 SMA, which hasn't happened since June 5th, but more clearly back in February. So this is definitely something to watch carefully!
A close above the daily 21 EMA and I would target a move higher towards $11800 - $12000, and afterwards ultimately to retest at least previous local highs.
Not too long afterwards, it fell back below it and closed a candle underneath.
This 4H candle tried to rally back up above the 200, but so far has had no luck. If the 4H cannot regain this MA ($10768) I would expect at least more consolidation, but potentially more downside...
For me to turn bullish again, the Daily 21 EMA needs to be broken and closed above. At the moment we are well below it, after recently rejecting from it at $11075.
BTC hasn't opened and closed a daily candle below the 21 EMA since the 6th June, so this could spell some weakness. Just keep this in mind, that this is a daily, so it takes 24H of price action, magic is always possible in Bitcoin's ridiculously volatile market.
BTC is also currently below the 3D 10 SMA, which hasn't happened since June 5th, but more clearly back in February. So this is definitely something to watch carefully!
A close above the daily 21 EMA and I would target a move higher towards $11800 - $12000, and afterwards ultimately to retest at least previous local highs.