The battle for the 200 SMA is still ON ! Bulls and Bears are also aware of the importance of this key level and the whole day we are watching how bulls defend and bears attack the 9000$ Level. Todays price action is mainly in the range of 8950 - 9250$. Earlier today the price was pumped up to 9450$ but that was pretty short lived and after just few hours we were at the lows for the day.
Currently we are just above the 200 Simple Moving Average ( The most significant indicator for longer term trend). The 200 SMA is the blue line on the chart above and currently it is at 9027$. The short term EMA (21-day, yellow line and 8-day, red line) are catching up with long-term MA. It is certain that we will have a good move in one of the directions, the question is in which direction.
To be honest there are enough signals for both sides, which most of the times means that waiting is the best option. If I had to choose I would choose the short side, just because I believe we are still in a bear market.
What's Next ?
- The first big resistance for BTC is 9550$ where the resistance line and the 8-day EMA are situated.
- Second big resistance is 9900$ (The 50-day MA)
- First support is at 9027$ (200 SMA)
- 8400$ is the next level to watch
Whats your opinion for the market in general ? Share with us in the comments :)
