EMA200 — An Insurmountable Hurdle For Bitcoin? 🚨
For the third day in a row, Bitcoin was rejected strictly at the EMA200 daily chart.
Driven by Germany's continuing BTC sell, bears stepped in again today when Bitcoin tried to pump through this essential level.
As mentioned in today's live session and other posts, it will be crucial for BTC to cross the EMA200 line to remain on the short-term uptrend.
Conversely, every rejection increases the likelihood of a retest of the lower bull flag boundary. Subsequently, every retest bears the risk that the support level won't hold and BTC breaks through this crucial level. As discussed, a close below the lower bull flag boundary would inevitably bring 42k to the table.
However, we are not there yet! Nevertheless, the EMA200 and the lower bull flag boundary are the two levels to monitor closely at the moment.
