BTC – Bulls Regaining Control

The bears are regaining control of BTC. Bitcoin currently hovers at May 2022 resistance which happens to be near term support provided by the 50-EMA.

The uptrend still remains intact on bigger timeframes like the daily chart but there is growing risk of a deeper correction. The lower trend line that made higher highs can act as support at the fib 1.4 area where we’ll see the additional support of EMA 200 as well. That’s our major support level.