Bitcoin Price Holds Around $20k Support

Since breaking the 50,000 support whenever BTC rallied it kept on getting rejected by the 89ema

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The times it managed to get above it, upon every retest it broke back down

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As we speak the 89ema is around 17,800, not far from here.

Breaking it would not be enough, every break upwards was immediately followed by a strong rejection.

So it is vital to see a break, a retrace and a bounce from it in order to see some bullish continuation.

This would indeed be interesting for bulls, as we did not see reclaims of key MA/EMAs since the beginning of the bear market.

That would indeed mark a new key resistance/target which is the 200ema - currently around 21,000.

By no means is bitcoin out of the woods yet, we didn't even reach the 89ema.

Not to mention breaking it, retracing and bouncing from it - but im simply sharing one validation point that I am keeping under the radar.

Above it, things will get real fun and degenerate.

You can also add this indicator to your @tradingview it's called "YellowBlock Cloud"

A simple combination of the 21, 89 and 200ema

YellowBlock Cloud — Indicator by teddycleps

This post is based on this twitter thread.