BTC defending 8 month EMA. Will the bull run continue?

BTC historically gets support from 8 Month EMA. It seems that Bitcoin right now is at an important junction. It's currently close to the 8M EMA as well as 0.5 fib retracement level. Breaking either will result in a further dump (I presume to the 0.618 fib level at around 31K). However, if BTC manages to hold the 8M EMA intact and close the month with a less bearish candle - the bull run will continue.

This is not financial advice. Please invest responsibly and manage your risk.