– Bitcoin price support resistance levels
– Bitcoin technical analysis support levels.
Bitcoin Price Analysis: Will BTC Break Above EMA21?
Bitcoin (BTC) has been trading within the 60-62k range, finding support once again in this area. The cryptocurrency market has been volatile in recent weeks, with Bitcoin’s price fluctuating between highs and lows. In a recent tweet by Dead Cat Bounce, a crypto analyst, he shared his thoughts on BTC’s current price action.
Technical Analysis
To show strength, Dead Cat Bounce mentioned that he would like to see Bitcoin breaking above EMA21 on the 1-day chart and closing above the cluster between 63-63.7k. This move could indicate a bullish momentum for BTC and potentially lead to a re-test of at least EMA21. He also suggested that it might be worth scalping in at this point.
Market Sentiment
The overall market sentiment towards Bitcoin seems to be cautiously optimistic, with traders closely monitoring the price action to determine the next move. The support range of 60-62k has proven to be a crucial level for Bitcoin, as it has bounced back from this area multiple times.
Trading Strategy
For traders looking to enter a position in Bitcoin, it is important to consider the potential upside and downside risks. Closing below the support range of 60-62k could invalidate the bullish scenario, leading to a further decline in price. On the other hand, breaking above EMA21 and closing above 63-63.7k could signal a bullish continuation.
Conclusion
In conclusion, Bitcoin’s price action is currently at a critical juncture, with the cryptocurrency hovering around the support range of 60-62k. Traders are advised to closely monitor the price action and consider the technical indicators before making any trading decisions. As always, it is important to manage risk and set stop-loss orders to protect capital in case of unexpected price movements..
$BTC thoughts:
Daily again found support in that 60-62k range. To show strength I'd like to see breaking above EMA21 on 1D and closing above that cluster 63-63.7k
I believe we will re-test at least EMA21 so worth scalping in
Closing below the support range is your invalidation pic.twitter.com/1Mt2y5xywy
— Dead Cat Bounce (@DCBcrypto) May 13, 2024
Source
DCBcrypto said $BTC thoughts:
Daily again found support in that 60-62k range. To show strength I'd like to see breaking above EMA21 on 1D and closing above that cluster 63-63.7k
I believe we will re-test at least EMA21 so worth scalping in
Closing below the support range is your invalidation
If BTC can break above the EMA21 on the 1D chart and close above the 63-63.7k cluster, it would show significant strength in the market. However, it is important to be cautious and have a plan in place in case the price re-tests the EMA21. The invalidation point would be if the price closes below the 60-62k support range..
