Bitcoin Decision Point In Reverse, Bull Before Bear?

Apr 23, 2020

BTCUSD (Bitcoin) has been fighting with EMA50 (bold magenta line) since early April, this level will decide if Bitcoin will move either down or up... Here is my view.

• The first hit at EMA50 happened on the 2nd of April, ever since BTCUSD continues to challenge this resistance while printing higher lows.
  
• The more this resistance is challenged, the weaker it gets.
  
  • 
    
    
    Prices are now trading of EMA50 today, but yesterday's candle closed below this level.
    The idea is that BTC's bullish potential increases if its price is trading above this indicator (EMA50) and decreases if it is trading below.
    
    Since this resistance continues to be challenged, we have higher possibilities of breaking high now than breaking low.
    
    This chart is fully mixed, the trading volume is super low.
    Anything can happen but I will side with the bulls once more, for the reason explained above.
    
    What's your take on this analysis and, where do you think Bitcoin is headed next?
    
    Share with the New Moon in the comments section below.
    
    We are deeply grateful for #1 and for your continued support.
    
    Namaste.

Apr 23, 2020

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