Bitcoin is now well on the road to recovery as it effortlessly climbs up to our 1D 200 exponential moving average (EMA) around $41K USD.
As aforementioned, when the 200 EMA is above current price then bearish sentiment and expectations rise. However, flipping it into support is one of the most bullish events any market participant could witness on the charts.
A bullish scenario would see Bitcoin flirt with this EMA and then break up to $42K USD before retesting it as support, thereby confirming a resistance / support flip.
Conversely, there is some serious horizontal resistance located around this region, so we are not expecting a clean break, rather some chop-chop as the bulls and bears fight over such a significant zone.
Be patient, do not buy into resistance and wait for confirmation of a flip first. This would translate to a daily close above the 200 EMA followed by a bullish re-test at $41K USD before moving higher.
This is not a battle our bulls can afford to lose… and as exciting as it gets!
Stay tuned for the next update.
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