This is a messy fast chart, 15m bars but the idea would be simple stay above the blue line for fast momentum and if not then at least above the horizontal line which is important support across days and weeks. Target is just below 40k where we will meet our old friend the 50 day moving average and this is probable selling and where a true measure of strength will occur. For most of the 2021 we stayed above 50 day so its a weight over us now.
Just now the highs are retracting from weekly average which is the standard boundary between negative and positive trending market.
Just now the highs are retracting from weekly average which is the standard boundary between negative and positive trending market.
Very hard to see this happening in this period of extremely high selling pressure I think but you are right, as long as when we stretch to days and weeks view, if we can stay close to the line or even above it then there is enough momentum to prepare in the case of consolidation.
Need to break 50MA first and like you said where plenty of sellers are waiting.
The current BTC price is 33K USD.It might drop under 30K,but it might recover back to 35K.Nobody knows what will happen.I think that the price will drop after a few weeks,because more traders are going to sell.There aren't any bullish news recently and the FUD will continue.Many traders will get tired of HODLing their Bitcoins.
