This is BTC chart on Bitstamp on weekly chart. In yellow we can see 300 EMA strong support and in pink is 200 EMA strong resistance. For 3 weeks (between 10th and 24th December) 300 EMA (in yellow) act as strong support. On the other hand we can see that 200 EMA (in pink) for three weeks (between 24th December and 7th Januar) act like resistants. The projection for another month or two is that price will stay in downtrend channel between those two levels (3200 nd 4120) and finally touch the top of downtrend channel.
This projection shows us bullish sign for altcoin market. If BTC will stay between those two levels for next months or so, that will bull alts market.
Happy trading everyone.
This projection shows us bullish sign for altcoin market. If BTC will stay between those two levels for next months or so, that will bull alts market.
Happy trading everyone.