BITCOIN Will the 4HMA50 hold or have to look for lower supports?

By November 7, 2020Bitcoin Business
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This is a very quick short-term update on Bitcoin's price action following Biden's election win.

** The 4H MA50 **
It appears that short-term buyers who capitalized on last week's strong rise waited for the official result of the elections in order to book profit. That takes us immediately to the 4H time-frame (chart on the left) where we find the first 1 month Support for BTC . That is the 4H MA50 (bue trend-line). As you see this has been supporting since the first strong bullish 4H candle on October 08. After that almost all candles closed above this line (and those who didn't missed it marginally). This level is going to be the first test to this recent buying momentum. Also, as you see at the bottom of this chart, the LMACD may have made a Bearish Cross, but within this 'October growth' pattern, what Bearish Crosses did was only cause the price to consolidate in Accumulation Phases.

** The May Channel Up **
But what if the 4H MA50 doesn't hold? That takes us to the 1D time-frame (chart on the right) where the Channel Up that started on May and just last week broke above the 1.272 Fibonacci extension (which has been holding since the August contact), will step into the spotlight. If the 1.272 Fib breaks, then the price can meet with the 1D MA50 (blue trend-line) around 13k . Note that the 1D MA200 (orange trend-line) has been intact since April 30. Additionally, as with the 4H chart, the LMACD appears to be close to a top and a potential Bearish Cross. Bearish Crosses on this time-frame have still kept the price within the Channel, achieving a maximum of -20% decline.

What do you think it's gonna be? Does this selling worry you? Feel free to share your work and let me know in the comments section!

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** The 4H MA50 **
It appears that short-term buyers who capitalized on […]

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