Don't Lose Sight of The Bear Market — in Bitcoin! (BTC)
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Update analysis on Bitcoin! Let's get right to it! Looking at the four hour chart, you can see that after BTC 0.21% broke down from the false flag yesterday, it got a bounce off of the 200 EMA (in orange.) Since then, BTC 0.21% has rolled back over in what appears to be an attempt to form a head and shoulders pattern.
Even if BTC 0.21% manages to rally higher, the upside appears to be limited. Just above us is the 1200 EMA (in purple) which is equal to the 200 EMA from the daily chart . As you can see, that level was highly resistive last month, so it could be just as resistive going forward. Furthermore, if BTC 0.21% was rejected at the 1200 EMA , it would still be a lower high so we would still be in a technical bear market downtrend. With that said, I would rather be a buyer of BTC 0.21% on a confirmed breakout above the 1200 EMA