BTC/USD Holds $10k and Forms 2-month Bullish Trend Channel
After breaking its 6-month downward trending channel, BTC/USD is now forming a 2-month uptrend.
Having convincingly held the blue support zone, bulls may be eager buyers on weakness towards the lower band of the newly formed 2-month upward trending channel.
Bears may be under pressure as the price of BTC/USD failed to dip back under the blue support zone. Short position stop losses may continue to get triggered if the trend continues and the recent high of $10,500 is breached.
RSI has found support above the 50 level for a second time in 2 months, signalling that the bullish trend is intact. Momentum bulls will be closely watching the 70-80 RSI resistance, a break of which has historically preceded an explosive move to the upside.
Trend followers will note that the 200 day EMA is starting to curve upwards and the 50 day EMA is breaking away from the longer-term average - both signalling strength in the trend.
Traders might be on the lookout this week for flow-over volatility from equity markets after many Asian nations warned of the severe economic impact expected from the Coronavirus epidemic in China.
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