In my prior post, I noted BTC's rejection on 4 consecutive attempts at breaking through its 50 sma on the 8H and that it has been rangebound between its 50 sma and 50 ema in this timeframe.
In this post I look at the daily timeframe and the 20 sma and 20 ema, in which BTC has also been somewhat rangebound. However, on the daily the red oval indicates a nearly identical trading pattern that occurred between Feb 20 and March 4 to the pattern that is currently occurring.
After March 4 BTC broke out to the upside, and while it is unclear if this pattern will repeat, when combined with my other work and commentary on the 8H and the 50 ema/sma, a breakout above the 50 ema at 56455 would clearly be bullish.
I am neutral until this breakout occurs, as BTC could retrace to $50k, which sits at the bottom of the current descending channel.
In this post I look at the daily timeframe and the 20 sma and 20 ema, in which BTC has also been somewhat rangebound. However, on the daily the red oval indicates a nearly identical trading pattern that occurred between Feb 20 and March 4 to the pattern that is currently occurring.
After March 4 BTC broke out to the upside, and while it is unclear if this pattern will repeat, when combined with my other work and commentary on the 8H and the 50 ema/sma, a breakout above the 50 ema at 56455 would clearly be bullish.
I am neutral until this breakout occurs, as BTC could retrace to $50k, which sits at the bottom of the current descending channel.
