$BTC is bouncing directly from its short term support… 👀

As we can see, the $79.5k level has been acting as a strong level of support that price has failed to break below. This support level also lines up perfectly with the 4H 50EMA.
This short term analysis here is very simple. Until we see a strong breakdown of $79.5k, I’m expecting some short term bounces from this level similar to what we are seeing right now. We could see moves as high as $83k to $85k if this bounce continues with strength.
If we see a breakdown of $79.5k, I’d expect the next level of support to be around $77.5k, where we could see bounces from or continuation lower. Markets are very choppy right now, so it’s important to take price level by level.
Keep a very close eye on the charts over the coming days…