Blockhead784

BTC 200 EMA and Trendline offering Resistance

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BITFINEX:BTCUSD   比特幣
The 200 EMA (in Red) and the downward trendline appear to be offering strong resistance though it's right on the edge. This is also a lower low in this bigger timeframe. If this holds and price goes down I have a target resistance line around 5800. That line is from an earlier price level that showed support/resistance.

For me to go long it would have to break the 200EMA and the downward trend line, retest then take off. For my particular system I would also need the 12EMA (blue) to cross over and above the 36EMA (red). Right now the 12EMA is still below the 36EMA as well.

That said I hope this resistance holds and we see a 5800 level price - I'm waiting for my account to fund so I'm dead in the water watching on the sidelines until Saturday!
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