Bitcoin trader says bulls are 'over-confident' as BTC price stays below key support.
BTC/USD 1-week chart with 20 EMA. Source: TradingView
For CryptoCon, the 20-week exponential moving average , now at $27,750, must be won back as support in order for the uptrend to be safe. “I have been covering this moving average a lot recently, but I believe it is critical for Bitcoin to regain its bullish status,” he wrote. The analysis compared current BTC price action to its rebound from 2018 cycle lows. Then, it took such a reclaim of the 20-week EMA to launch the path to what ultimately became Bitcoin’s 2021 all-time highs of $69,000.“Price surfaced the moving average but couldn’t hold it,” it stated.An accompanying chart showed the similarities between 2019 and 2023, with the retest and subsequent successful EMA reclaim circled.
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