sachinhandi

BITCOIN ANALYSIS

Long
BITBAY:BTCUSDT   BTC / USDT
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Bitcoin as been raised above the 20 EMA which is the positive sign as it shows the bulls are aggressively buying. It as taken the support on 4th Aug on the 20 day EMA and rebounded back with huge volume , If these trend continuous it might go up to $ 47574.54 resistance and if it close above these resistance then the bulls will thrust the pair to the next level at $ 58973.45. We can see EMA moving up and also the RSI indicator determines the strength, which shows the demand exceeds the supply by 18.41% which is a good indicator. Contrary tothese assumption if the bears start selling aggressively the pair might go down below the 20 day EMA , if it closes below 20 day EMA then the prise might further sink below 50 day SMA and reach to the pshycological support at $29587.28.

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