BTC Weekly Chart: 21 EMA Acting as Key Support – Will It Hold?

Aug 2

#BTC/USDT #Analysis
Description
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+ The Bitcoin price has been in a downtrend for the past few months, and it is currently testing the 21 EMA as support. If this level holds, it could be a sign that the price is finding a bottom and is ready to start an uptrend. However, if the 21 EMA breaks, it could signal further downside potential.
+ The chart shows that Bitcoin is currently testing the 21-Week Exponential Moving Average (EMA) as support. Historically, this EMA has acted as a strong support level during bull markets.
+ The Relative Strength Index (RSI) is hovering around the neutral zone, indicating indecision in the market. A drop below 50 could suggest weakening momentum, while a move above 60 would be bullish.
+ If BTC holds the 21 EMA and manages to break above the $70,000 resistance, we could see a continuation of the bull trend
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