Bitcoin Quick Look – Where are we now? [simple TA]
So we dumped again, pretty hard. Not that it was completely unexpected (EMAs + resistance area convergence), but before the dump, the trading market just looked like it was on life support, and apathy was kicking in.
Personally, I'm glad a bit more action is underway.
The dump wasn't actually THAT bad, we just went back to the previous support area of $6,200-ish, and got beautifully supported yet again by the weekly 89EMA.
Just look at it. A beautiful pennant (4h chart) forming right on it. Now, a pennant usually means continuation, but the week is soon to end, and I'd bet that purple line will sustain the weekly close.
Just look how clean it bounced us for the last 4 months.
