Hi guys,
If you have a look at the price action on the lower time frames as well Its not a completely convincing BTC breakout.
Also looking at the RSI on the 1hr it's looking like it's favouring some bearish movement more than a continuation higher.
Nevertheless, as we know a break above this 200 MA would be extremely beneficial to bitcoins progress higher and would likely facilitate a breakout for ATH's.
However, it would be equally detrimental if we saw a rejection of this 200 MA level and if this scenario played out we would likely see a drop back down to the 37k levels.
If you have a look at the price action on the lower time frames as well Its not a completely convincing BTC breakout.
Also looking at the RSI on the 1hr it's looking like it's favouring some bearish movement more than a continuation higher.
Nevertheless, as we know a break above this 200 MA would be extremely beneficial to bitcoins progress higher and would likely facilitate a breakout for ATH's.
However, it would be equally detrimental if we saw a rejection of this 200 MA level and if this scenario played out we would likely see a drop back down to the 37k levels.