Bitcoin Price Analysis: The 50 DAY EMA is a Brick Wall (Week of June 14)
BTC price at press time: US$232.02. Last week’s article began with: “So far the US$220 support level has held, but price has not been able to move to the upside. It looks like it’s consolidating below that ~US$231 level and has been mentioned before the 50 day estimated moving average, which is now ~US$233. The US$220 mark is now providing support. If this doesn’t hold, then the big support area of ~US$210 better.” The US$220 held but price continues to consolidate below the 50-day EMA, it made a dash for US$235 but has rejected it and now sits below the 50 day which is at ~US$233.
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Price at the time this article was written was: US$225.00. Last week’s article began with: “The price has broken below some significant levels and looks like it's going to test some very important levels below. The 50-day EMA has been a massive wall and it looks like the price has run out of energy trying to get and stay above it. Now a big test is coming, as price has broken below US$231, which has been mentioned in many previous articles as an area that needed to hold. Look for US$220 and the massive support area of US$210 to be tested.” So far the US$220 support level has held, but....
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