89 EMA or $10,000... which is propping us up?

BITFINEX:BTCUSD   Bitcoin / Dollar
It might appear as though BTC is repeatedly testing the $10,000 psychological level, and of course it has. But when plotting entry/exit trading points, you should be aware of where BTC is finding true support...

  • For the past six weeks BTC support has very reliably been the daily 89 EMA .
  • Since we topped out on 26th June we have entered into a bullish pennant , between the 89 EMA and a downward sloping resistance line.
  • The 21 EMA has been a clear indicator of if we are bullish or bearish within the pennant .

In the next month, though likely much sooner, BTC will have to decide which direction it wants to break out of the pennant . We are due a test of the 21 EMA on the weekly, which would bring us down to around $9000... if that holds, the likelihood of a strong move upwards and the bull run finding renewed strength is greatly increased. If the weekly 21 EMA fails, well you shouldn't need me to tell you what a strong indicator of the trend changing that would be.

Here is the link for my free EMA/SMA indicator, offering key areas of potential strong support & resistance .

Also save crucial space on your Trading View chart by utilising my free RSI and StochRSI indicator which overlays both in a clear and helpful fashion.

Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
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