Bitcoin Attempts To Settle Back Above 20 EMA

·2 min read

Bitcoin Continues To Rebound Ahead Of The Weekend

Bitcoin continues its attempts to settle above the 20 EMA at $32,600 while other cryptocurrencies are also moving higher.

Ethereum is also trying to settle above its 20 EMA at $2,050. Dogecoin has recently made an attempt to get to the test of its 20 EMA at $0.2030. XRP is moving towards its 20 EMA at $0.6120.

Crypto markets are trying to recover after the recent sell-off, and leading cryptocurrencies are testing important resistance levels which indicates that bulls will try to push markets higher ahead of the weekend.

This is an important moment for Bitcoin which has recently tested the psychologically important support level at $30,000 but managed to get strong support near this level.

Cryptocurrencies are very dependent on momentum, so failure to settle above the resistance levels at 20 EMAs will be a worrisome sign for the bulls.

Technical Analysis

Bitcoin has recently managed to get above the resistance at $32,000 and is testing the 20 EMA at $32,600. As I noted above, this is a very important moment for Bitcoin bulls, and traders will soon learn whether Bitcoin has enough support to get above the 20 EMA.

RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. In case Bitcoin manages to settle above the 20 EMA, it will move towards the resistance at $34,000.

A successful test of the resistance at $34,000 will open the way to the test of the next resistance level at $35,000. A move above $35,000 will push Bitcoin towards the resistance at $36,000.

The test of the resistance at $36,000 would be another important moment for Bitcoin bulls as the previous attempt to gain solid upside momentum was stopped at this level.

On the support side, a move below $32,000 will push Bitcoin towards the key support level at $30,000. If Bitcoin settles below this level, it will get to the test of the next support at $28,800.

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This article was originally posted on FX Empire

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