Bullish setup forming
Bitcoin hit resistance at $9200 which is to be expected. However it is still showing promising price action on the 4h.
It has bounced nicely off a retest of $8800 and the 200 Day Moving Average which it is still holding above. If we can hold above the 200 Day MA today (4.5 hours to go) this will be extra bullish.
It is now forming a bullish 4h candle in the 10-20 EMA zone. We also have MACD converging.
This candle closes in 30 minutes and if it pushes above the high of this candle, it is likely we will see more bulls entering a trade. If however we break below, a retest of $8500 is likely.
It has bounced nicely off a retest of $8800 and the 200 Day Moving Average which it is still holding above. If we can hold above the 200 Day MA today (4.5 hours to go) this will be extra bullish.
It is now forming a bullish 4h candle in the 10-20 EMA zone. We also have MACD converging.
This candle closes in 30 minutes and if it pushes above the high of this candle, it is likely we will see more bulls entering a trade. If however we break below, a retest of $8500 is likely.
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