Update On Bitcoin: Watching Different Support Levels
Bitcoin Daily
We currently bounced twice at the 0.236 Fibonacci retracement, but will most probably go lower. The 4600$ area is our next support level; there we have the 0.382 retracement and the 200 day MA (grey), which will meet the 55 day EMA in the coming days, probably giving us a golden cross. Notice how the 55 carried us in March. The RSI is also retracing to normal level and the MACD indicates a upcoming bearish cross.
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Moving Averages
We will probably first see a retracement to 4800$ (coinmarketcap) with a bounce at the 21 day MA (yellow) and later a further correction to the 4600$. Of course, there's also the 4200$ level which was our previous resistance, but I don't think we will reach that level that fast.
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Weekly Chart Similarities
As in the 2014-2015 movement, we've reached the 55 EMA (blue) for the first time in the uptrend, which market in 2014 our last correction to the 200 MA (grey). If we go with this pattern, then we will revisit the 3500$ - 3800$ area.
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Closer look - 4H Chart:
We're currently riding with the 55 EMA, but will probably enter the Ichimoku Support Cloud that formed below us. The Cloud is mostly in the 0.5 - 0.382 Fibonacci channel, which is usually quite powerful.
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