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.
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- Bitcoin Moves Below EMA50 | Weekly Timeframe
Bitcoin Monthly | Before (5K) & After Halving (31K) 2020