BTC – Buyers Swoop in

It was clear that huge stop losses were waiting below the $40,000 mark which was strong support. Buyers swooped in and drove BTC higher. This liquidated many high-risk positions and many stop losses were triggered causing volume to spike. Since Bitcoin was ranging between $42,000 and $40,000, buyers drove prices up to $43,000 liquidating the shorts. This is why multiple indicator affirmation is required to enter a position. After some bullish maneuvers, Bitcoin is now ranging between EMA 100 and EMA 200 on an hourly timeframe. BTC has major resistance at $43600, fib 1.272, and the support level is at $40,000, fib 0.236.