Bitcoin Touches 4k After Double Bottom Neckline Now Time For Positive Rally

Steemians Bitcoin lovers look at chart

Bitcoin Touches 4k After Double Bottom Neckline Now Time For Positive Rally

The leading cryptocurrency by market value fell below $4242 Low of Wednesdays inside day candle in the Asian trading hours putting the bears back into the drivers seat. As a result BTC fell below the 200week exponential moving average EMA of $4182 earlier today.

The breach of the EMA support however may have trapped the bears on the wrong side of the market as BTC is currently trading at $4330 on Bitstamp having clocked an intraday low of $4061 earlier today.

It is worth noting that the long-term EMA was first breached on Tuesday. The subsequent sell-off however ended at the 14month low of $4048 and prices recovered to $4500 on the following day.

The repeated failure to beat the long-term support indicates the bears have likely run out of steam As a result a stronger corrective rally could be in the offing


Thanks n credited: coindesk
Get more post follow ,vote, comment me @ https://steemit.com/@digitalmanish
https://steemit.com/@digitalmanish