Bitcoin: Bears Could Soon Lose Control (November 2019)
- 5 years ago
Bitcoin: Bears Could Soon Lose Control (November 2019)
Bitcoin declined below the 200 MA on the 4H time frame and it has finally closed twice consecutively below it. This would normally be a very bearish development leading to significant further downside but as we can see in this case, BTC/USD remains within a falling wedge as well as above the 61.8% fib extension level. Now that the price has tested this level again and held it, it is reasonable to assume that Bitcoin might rally from here until and unless we see a close below the 61.8% fib extension level or a daily close below the 200 Day EMA. It is also important to note that BTC/USD has yet to retest the 200 Day MA which could happen very quickly if the price breaks out of the falling wedge.
Bitcoin declined below the 200 MA on the 4H time frame and it has finally closed twice consecutively below it. This would normally be a very bearish development leading to significant further downside but as we can see in this case, BTC/USD remains within a falling wedge as well as above the 61.8% fib extension level. Now that the price has tested this level again and held it, it is reasonable to assume that Bitcoin might rally from here until and unless we see a close below the 61.8% fib extension level or a daily close below the 200 Day EMA. It is also important to note that BTC/USD has yet to retest the 200 Day MA which could happen very quickly if the price breaks out of the falling wedge.