Rejected at 50 sma on 4 consecutive 8H candles
BTC has been rejected at an almost static 50 sma on 4 consecutive candles on the 8H, and has been rangebound between the 50 ema and the sma for the last 7 candles. It has been bouncing between the support and resistance of a bullish descending channel since March 11. It was also rejected at nearly the identical 50 sma on 2 8H candles on march 24.
The top of bullish descending channel is nearly coincident with the 50 sma. BTC is still trading near the top of the channel even after these 4 rejections, with the current 8H candle closing in 70 minutes.
I am bullish on a breakout above the 50 sma, especially on a retest and resumption upward, as it would likely be a straight shot at a previous ATH of 58354 (yellow line). If BTC cannot break through resistance, it may again trade down to the bottom of the channel at roughly 50k.
The top of bullish descending channel is nearly coincident with the 50 sma. BTC is still trading near the top of the channel even after these 4 rejections, with the current 8H candle closing in 70 minutes.
I am bullish on a breakout above the 50 sma, especially on a retest and resumption upward, as it would likely be a straight shot at a previous ATH of 58354 (yellow line). If BTC cannot break through resistance, it may again trade down to the bottom of the channel at roughly 50k.
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