🅱️ Bitcoin | EMA200 Resistance Turned Support (Full Analysis!)

5 ก.ย. 2023

This purple line on the chart here represents the exponential moving average of 200 periods, EMA200 for short.

See how this level worked as support back in mid 2022 (left side of the chart) and went it broke it led to a new multi-year low and the bear-market bottom.

These came in June and November 2022.
Following this bottom low, Bitcoin started to move higher and the main resistance was again EMA200 in February 2023. Support turned resistance.

This led to a quick correction in March 2023 followed by the biggest green candle of the year, marked on the chart.

Bitcoin needed lots of strength to get over EMA200 as resistance and it managed to break it. Resistance now turns support.

After peaking in April a new correction developed that ended mid-June with EMA200 working as support.

A bounced happened at this level but Bitcoin wasn't strong enough to continue higher, a rejection happened and we are back down testing EMA200 as support again.

EMA200 continues to work as support and has been holding for 3 weeks straight. This is the fourth week that this level is being challenged, let's see how we can interpret this.

The last three weeks all ended red and wicked below EMA200 but ended closing above this level. The more a support level is challenged, the weaker it becomes.

This week we see Bitcoin hovering above EMA200 but no long lower wick, a higher low.

While the signals are technically bearish, we see the Altcoins producing strong major breakouts after going through a similar pattern.

We also saw recently how Bitcoin has never been red for more than 3 weeks after the bear market and we already saw 3 weeks closing red.

While we have a mixture of signals, bearish potential;

• The initial trend is bullish (the early January 2023 bullish breakout). This is the major move and current direction.
  
  
• Trading above EMA200 continues to be a bullish signal.
  
  
• We have the higher lows short-, mid- and long-term.
  
  
• And the Altcoins market signal already mentioned above.
  
  
• You can also check my September 2023 roadmap... We are looking up.
  

Overall, things can be "mixed" if we don't look deep enough but if we take some time to dig a bit deeper, we can see volume being low on the corrections while being high as prices move up.

Bitcoin is ultra-strong above $25,000, and mega bullish above 20K.
Nothing changes for the bullish bias, the bulls obviously have the upper hand.

✔️ We continue bullish on Bitcoin, 1,000% unless the chart change.
✔️ We continue bullish on Bitcoin, 1,000,000% if its price is trading above 20K.

Remember the Bitcoin bonds.
That's all I have to say!

Namaste.