BTC - 1h - EMA Lines as a resistance?
Aug 31, 2022 2:02 PM
HI all!
Here is another one. Based on th theory that the prices are rejected or supported from the EMAs. I had a quick look on the 1h BTC chart
BTC Chart 1hWhat do you see
- First of all you see the EMAS`, based on 2 different timeframe. The colored one is the 1h and the other one is the 4h EMA.
- Then i added a trendline, which has been broken. And the price crashed down. See the first 2 lines which are crossing.
- Now we are in a new scenario. And it is trying the same again.
What could be
- History does often repeat. And here in the picture you can see
- That the price is trying to catch up to the EMA. Is there a chance that we can break through ? Absolutely. But is there a chance that we can go lower. Also yes.
It all depents what you believe. For me i will wait for the breakout, than wait for the restest and go in SHORT or LONG. Depends on the side. But this is no financial advice, just a few ideas.
Cheers MC
ps: And don`t forget staying on the sideline is also a trade. If you are unsure. Wait for the next break, Like football. There will always be a second half :-)
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