- September 21, 2020
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
BTC has opened Monday lower as a result of the continuous selling pressure on the stock markets. This is the natural psychological against the threat of rising COVID cases and the inability of the economy to withstand a potential new lockdown.
The price is therefore currently about to test again the Higher Low trend-line of the 5 month Channel Up. A few days back I published an analysis on the importance of the need to break the 1D MA50 in order to support a rally, which Bitcoin has failed to do (so practically we had a rejection on the 1D MA50). If we look back at the two time periods Bitcoin we investigated on that study (April 18, July 08) we will see that after they got rejected the too pulled back and hit (marginally crossed) the 0.618 Fibonacci retracement level under the 1D MA20 (black trend-line on the chart) before finding a Support there and started to rise again.
Right now the price is on the 0.618. Will this create a Support Zone and rebound gradually? Feel free to share your work and let me know in the comments section!
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