BTC-“Eyes on EMA-50”

1-Day Analysis:

Big Picture: Price took another remarkable pump of intraday support levels as bulls returned on the charts with vigor. The re-test levels remained valid, as well as the price formed Higher Highs and Higher Lows. The odds are now in favor of bulls having a major run to the upside; but, in order to retain this momentum, bulls must maintain the 22,800 level for the next few days. As long as price remains above 22,800, the pressure will remain off-set; however, breakdown below this support and Bitcoin will revert to its previous range and most likely target the lower band of the range.

On the Upside the price is presently fighting to hold above the 22,850 mark. Bulls will need more strength to thoroughly dominate this stage. Going forward, a break over 22,850 opens the door to further upside for the price, initially leading towards recent highs around 24,300, secondly 25,000, and eventually towards 26,300.

On the Downside 22,800-22,550 levels are about to be tested as supports. Holding these levels will be an impressive milestone for the price, however losing these once more exposes downside towards 22,260 followed by 21,320. These are decent support levels, breaking which extends the downside towards 21,000-20,750.