Breaking News / Bitcoin / Analytics
Bitcoin (BTC) stays strong above the 50 Day EMA. Despite recent attempts to pull BTC/USD below the 21 Day EMA, we see significant strength in the market. The bulls are not ready to cede control and the bears are not determined to bet heavy on a decline from here now that the price has closed above the 50 Day EMA. Bitcoin (BTC) has started the day in red as it retraced from the 21 Day EMA like we expected. We could see it fall even further but the most likely scenario is that it is going to start rising before even touching the 50 Day EMA as support again. This is because the bulls are very eager on buying the dip now that the price has closed above the 50 Day EMA and has completed a major correction at the same time.
If the price breaks above the 21 Day EMA and closed the day above it, we are likely to see it rise all the way towards $12,000. We might see a wick close to $12,000 but it is more likely to begin its downtrend from there. For those that want to be long and short at the same time, the market is now offering good hedging opportunities. So, traders that believe that the market may be bearish long term but still want to hedge their bets can take long positions here with caution. It is important to realize though that as long as the price remains below the 61.8% fib retracement level from the previous all-time high, there is little to no chance of a bull run. We could see the current move continue without much resistance but things could change quickly on larger time frames.