Bitcoin short correction or bear ?
Bitcoin was hovering just above the 100-day EMA, where it was last in September 2020. In addition, Elon Musk's tweet appeared that tesla did not support cryptocurrency and thus canceled the adoption of bitcoin payments for tesla.
When we look at the graph, we notice a declining 100-day EMA, that has not happened since April 2020. We see a gradual decline in the peaks and bottoms. The price is between two strong levels, support at 40k and resistance at 51-52k. In addition, the price also ranges between a 100-day EMA and a 200-day EMA.
If we look at how usual the volume reacted to sharp decreases in bitcoin, where it reached high values on the export, then we can say that the current value is not the local bottom of the current correction. In the near future we can expect the price to move to the level of EMA200
The question is how the price will behave when it bounces from +- 40k. Is it a bigger correction or the beginning of a bear market?
When we look at the graph, we notice a declining 100-day EMA, that has not happened since April 2020. We see a gradual decline in the peaks and bottoms. The price is between two strong levels, support at 40k and resistance at 51-52k. In addition, the price also ranges between a 100-day EMA and a 200-day EMA.
If we look at how usual the volume reacted to sharp decreases in bitcoin, where it reached high values on the export, then we can say that the current value is not the local bottom of the current correction. In the near future we can expect the price to move to the level of EMA200
The question is how the price will behave when it bounces from +- 40k. Is it a bigger correction or the beginning of a bear market?
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