8H/4H ema strong resistance
While I usually don't use moving averages in TA of BTC, it is notable that last 3 8H candles have closed within a few dollars of either side the 50 ema (yellow line) and below or at the upper trend line. 54980 also remains an important 8H level, as there have been a dozen touches and several candle closes at this level since March 9. A negative RSI divergence has developed since the 8H candle that closed yesterday at 2000 hrs EST.
This is also true on the 4H timeframe, which also shows a negative RSI divergence.
Note that immediately upon closing of the last 8H candle at 1200 hrs EST, BTC shot up $800, so clearly this level is being watched for a potential breakout.
BTC has not yet reached the 50 dma of 56517, and I am looking for a close on the 8H or become more constructive.
This is also true on the 4H timeframe, which also shows a negative RSI divergence.
Note that immediately upon closing of the last 8H candle at 1200 hrs EST, BTC shot up $800, so clearly this level is being watched for a potential breakout.
BTC has not yet reached the 50 dma of 56517, and I am looking for a close on the 8H or become more constructive.
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