Bitcoin slows around key resistance denoted by the .786 retrace

13 окт. 2021 г.

The BTC/USD has held for some time around USD 57K

Price action is beginning to display signs of lethargy and sluggishness which usually brings bears out from hibernation.

Chasing price here regardless with buy/long positions is nothing "short" of reckless, pun intended.

Bitcoin loves flipping the GREEN D1 20 EMA (exponential moving average) during critical shifts in market structure - whenever above, it becomes support and the trend remains bullish so long as re-tests do not close below. Conversely, losing the D1 20 EMA usually precludes further selling down to another key MA, such as the 50, 100, or 200.

That is exactly what we're waiting for, a much-needed pull back to either of the major support levels staggered between USD 45K - USD 51K. A mix of key moving averages and fib level confluence places these zones as followed.

Local Support: 51K

1st Major Support: 48K

2nd Major Support: 45K

From there, our analysts will observe how BTC/USD closes around the key fib pivot levels and moving averages to determine if sell-side pressure can push lower. Should all major support levels break down then BTC/USD may even re-visit sub-30K USD.

For now, the macrostructure of Bitcoin is bullish but requires a short-term pullback. Closing sells around any of the zones mentioned above, should bulls step in hard, is the confirmation needed to buy the incoming pullback and flip long.

14 окт. 2021 г.

Заметка

Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.