On the 4 hour chart, the 150 SMA and the 200 SMA have formed a top and bottom of the sandwich with the Bitcoin in the middle.
Several attempts were made to break out to the upside (150 SMA) and failed. Several attempts were made to break through the bottom 200 SMA, and it finally succeeded today. This break out was preceded by the price falling below the 21 EMA which I warned about in my last post. Unless the price gets back above the 21 EMA and the 200 SMA, we will continue to go down. The next stop is the red support zone. There will no doubt there will be a battle between the price and these two averages, 21 EMA and the 200 SMA. The price will attempt to get above these averages then will be smacked down below them. Who will win? The only chance for the bulls to regain control is for the price to get above these averages and stay there. It is much like riding a bull. Ask any bull rider and he will tell you it is better for the rider (price) to be riding on the top of the bull (averages) than on the bottom. LOL
Several attempts were made to break out to the upside (150 SMA) and failed. Several attempts were made to break through the bottom 200 SMA, and it finally succeeded today. This break out was preceded by the price falling below the 21 EMA which I warned about in my last post. Unless the price gets back above the 21 EMA and the 200 SMA, we will continue to go down. The next stop is the red support zone. There will no doubt there will be a battle between the price and these two averages, 21 EMA and the 200 SMA. The price will attempt to get above these averages then will be smacked down below them. Who will win? The only chance for the bulls to regain control is for the price to get above these averages and stay there. It is much like riding a bull. Ask any bull rider and he will tell you it is better for the rider (price) to be riding on the top of the bull (averages) than on the bottom. LOL
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