Bitcoin / TetherUSUpdated Tight range, bulls defending 20day MA to preserve uptrend
So what is happening with bitcoin?
As long as the 20day ma is still holding without a solid candle close below, the uptrend is still valid. But as we can see, the price is being sandwiched in a very tight zone between the 8day ma and the 20day ma suggesting a violent break to either side. Bitcoin faces tough resistance above 38k. Closest supports are 28k and 24k.
It will be bearish the moment 20day ma is lost and becomes a resistance, signifying a downtrend reversal.
As long as the 20day ma is still holding without a solid candle close below, the uptrend is still valid. But as we can see, the price is being sandwiched in a very tight zone between the 8day ma and the 20day ma suggesting a violent break to either side. Bitcoin faces tough resistance above 38k. Closest supports are 28k and 24k.
It will be bearish the moment 20day ma is lost and becomes a resistance, signifying a downtrend reversal.
Note
20DAY MA still not technically lost although candles have gone below both 8day and 20day maNote
death cross prevented on 4 hourly by bulls so far
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.