The Day Ahead With no external market forces to consider, investors will likely continue to respond to the US economic indicators from Friday. However
The Day Ahead
With no external market forces to consider, investors will likely continue to respond to the US economic indicators from Friday.
However, the markets should monitor the crypto news wires for updates from the ongoing SEC v Ripple case. Binance and Coinbase (COIN)-related news will also move the dial.
Bitcoin (BTC) Price Action
This morning, BTC was flat at $28,460. A range-bound start to the day saw BTC rise to an early high of $28,551 before easing back.
Technical Indicators
BTC needs to avoid the $28,205 pivot to target the First Major Resistance Level (R1) at $28,906. A move through the Friday high of $28,651 would signal an extended bullish session. The crypto news wires should be crypto-friendly to support an extended rally.
In the event of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $29,352 and resistance at $30,000. The Third Major Resistance Level (R3) sits at $30,499.
A fall through the pivot would bring the First Major Support Level (S1) at $27,759 into play. However, barring a crypto event-fueled sell-off, BTC should avoid sub-$27,500 and the Second Major Support Level (S2) at $27,058. The Third Major Support Level (S3) sits at $25,911.
Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. BTC sat above the 50-day EMA ($27,810). The 50-day EMA pulled further away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, sending bullish signals.
A hold above the 50-day EMA ($27,810) would support a breakout from R1 ($28,906) to target R2 ($29,352) and $30,000. However, a fall through the 50-day EMA ($27,810) and S1 ($27,759) would bring S2 ($27,058) and the 100-day EMA ($27,034) into view. A fall through the 50-day EMA would send a bearish signal.
amp.fxempire.com