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TECHNICAL INDICATORS ARE BULLISH, WITH BITCOIN SITTING ABOVE THE 50 DAY EMA

TECHNICAL INDICATORS ARE BULLISH, WITH BITCOIN SITTING ABOVE THE 50 DAY EMA

The bullish start to the day saw bitcoin go up to $ 21,587 before retreating.


Falling into the First Level of Great Resistance at $ 21,593, bitcoin dropped to below $ 20,902.


Bitcoin has received $ 21,000 support to get back and finish the day in a good place.


A pickup in the investor risk appetite was brought to bitcoin for support on Saturday. On Friday, the NASDAQ 100 rallied 3.34%, pushing demand for cryptos.


We expect the relationship between the NASDAQ 100 and bitcoin to remain strong on Monday.


Bitcoin Fear & Greed Index

This morning, the Fear & Greed Index held firmly at 14/100.


While sitting deep in the middle of the "Extreme Fear" area, the Index continued its recovery from the June 19 low of 6/10. At 14/1100, the Index shows investors' fears for another bitcoin conversion, with resistance of $ 22,000 proving to be key.


The transition to bitcoin at 25/100 and in the "Terror Zone" will support the bitcoin run at $ 30,000. The Index last visited the “Terror Zone” on May 5th.


The lower risks of bitcoin and the wider market still exist, with Fed monetary policy, fears of a recession, and possible changes in the control of current crypto headwinds.


Bitcoin (BTC) Price action

At the time of writing, BTC has risen 0.95% to $ 21,679.


A mixed start to the day saw bitcoin go down to a low start at $ 21,276 before hitting a high $ 21,750.


Bitcoin came up with the First Major Resistance Level at $ 21,739 before retreating.


Technical Indicators

Avoiding the $ 21,320 pivot will leave the First Large Opposition Level at $ 21,739 playable.


BTC will need a lot of support to avoid falling back to $ 21,500.


The extended meeting will test the Second Level of Resistance at $ 22,007 and resistance at $ 22,500. Third Major Resistance Level sits at $ 22,691.


Falling with a pivot will bring the First Big Support Level to $ 21,054 to play. In the event of another extended sale, bitcoin could test the Second Major Support Level at $ 20,636 and support it at $ 20,500.


The Third Level of Great Support remains at $ 19,951.



If you look at the EMAs and the 4 hour candlestick chart (below), it was a bearish signal. This morning, bitcoin sits above the 50-day EMA, currently $ 21,262.


The 50-day EMA has been reduced to a 100-day EMA. The 100-day EMA has been reduced from the 100-day EMA, the price of bitcoin is negative.


A refund of $ 22,000 will bring the 100-day EMA, currently $ 22,653, active.


In the event of a fall in the 50-day EMA, bitcoin will test Major Levels of Support.

Source: yahoo




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