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$BTC Better watch this weekly close …After testing the 200 EMA on the weekly timeframe, price saw a small bounce and is currently trading slightly above it.
Today’s weekly close will be important, as it will determine whether we close above or below this key level.
A close above would certainly increase the confidence of many bulls that a bounce is possible and would likely lead to additional buying pressure.
A close below, on the other hand, could accelerate selling and potentially trigger a move toward the aVWAP anchored to the previous bear market bottom, and is currently sitting around 55k.
After testing the 200 EMA on the weekly timeframe, price saw a small bounce and is currently trading slightly above it.
Today’s weekly close will be important, as it will determine whether we close above or below this key level.
A close above would certainly increase the confidence of many bulls that a bounce is possible and would likely lead to additional buying pressure.
A close below, on the other hand, could accelerate selling and potentially trigger a move toward the aVWAP anchored to the previous bear market bottom, and is currently sitting around 55k.