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What's up friends!? Welcome to this update analysis on Bitcoin! Let's get it! Looking at the four hour chart, you can see that BTC -0.43% found continued resistance at the 50 EMA (in orange) as anticipated. If you recall from my last post, I said "The dashed uptrend channel was lost, and after we broke down from that, we confirmed the 50 EMA as resistance. At the moment, #BTC -0.43% is printing a hammer off of some rising support (grey trendline .) However, the 50 EMA could continue to act as resistance." Now that we've dropped from the 50, we're sitting on top of the grey rising trendline again. So, it's going to be important to see how BTC -0.43% responds here. If we confirm below the grey trendline , the critical 1200 #EMA will be tested. Since the 50 EMA has acted as resistance on two separate occasions (red arrows,) we can assume that it will #continue to be resistive, until it proves otherwise. Therefore, we can also assume that the upside is #limited
My #interest is in another test of the 1200 EMA . I would LOVE to see BTC -0.43% smash below the 1200, because it would open the door to some incredible short-side trading opportunities, and I'm fairly confident that blood will spill under those conditions. So, we'll just have to see. If the bulls want to avoid that, they'd better pick this thing up off of the grey trendline , and back above the 50 for starters. There is a chance that could happen, because the #grey trendline has been held very well thus far. However, the 50 EMA #resistance is probably going to change that.
The #MACD remains in a #bearish downtrend, as the bullish momentum continues to wane in the face of higher prices. This is increasing the possibility of a fall in price, because BTC -0.43% is losing the support of the underlying strength and #momentum. It's like trying to fly a rocket ship that's running out of fuel. Eventually, dat 0.00% ship won't fly no mo.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
-Magic loves you-
-H-
