"The price then bounced back to retest the $113,800 resistance level and the 21-day EMA at $114,000, but was rejected there, falling back down to the $111,300 support level. This level produced another bounce for the bulls back to the 21-day EMA, but was denied access again above the $113,800 resistance level, dumping down just below the weekly support at $109,500 on Thursday."
"Since the price closed above the 21-week EMA at $109,500 to finish the week, the bulls will look for this support to hold going forward. $109,500 should be the floor heading into this week if the bulls are to produce a weekly higher low and turn things around. $105,000 is the next support level down, and there is potential for a major reversal from there down to about $102,000."
Bitcoin fell to $111,800 Sunday night and rebounded to retest the $113,800 resistance and the 21-day EMA at $114,000, but was rejected and dropped to $111,300. Bulls bounced back toward the 21-day EMA but failed again above $113,800, pushing price just below weekly support at $109,500 on Thursday before rallying to close the week at $112,225. The 21-week EMA at $109,500 is now critical support, with $105,000 and $102,000 as lower supports and $96,000 as long-term support. Upside resistance sits at $115,500, $118,000 and $121,000, with the weekly bias remaining bearish.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]