Bitcoin EMA50 Big Rejection, Bears Take Lead, More Red or Green?

Mar 8, 2020

Bitcoin (BTCUSD) just experienced a huge rejection at EMA50 and prices broke below all major support lines in the form of EMAs.

BTCUSD is now trading below EMA10/50/100/200 and MA200.
Finally, support was found at $8300 or EMA300. This is the next important support level.

If EMA300 breaks (1), we are going to see Bitcoin go lower and hit $7900-$8000 which is the 0.618 Fib. retracement support for the last bullish wave.
The next support is found at $7308 or 0.786 Fib.retracement.

If EMA300 holds, trading volume is really low and it is also a weekend, then prices can reverse up (2).

What will it be?

Share your thoughts with us in the comments section below.

Namaste.

Mar 9, 2020

Note

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Bitcoin Moves Below EMA50 | Weekly Timeframe

Bitcoin Monthly | Before (5K) & After Halving (31K) 2020