Testing a critical level 58167...again
Since the first ATH on Mar 11, BTC 8H candles have been wicking or closing very near or directly on 58167, thus this is an established key horizontal level. The current 8H candle is testing this level again, this time as resistance, but there are still 5:20 min until this candle closes, so anything can happen, including a break above this level. This level should be watched closely for a confirmed resumption or rejection of the uptrend.
It is also of note that the 50 ema has also acted as recent support at 57000.
Note that the excellent US jobs report from Friday should cause the USD to strengthen, thus posing a potential downside risk to BTC.
It is also of note that the 50 ema has also acted as recent support at 57000.
Note that the excellent US jobs report from Friday should cause the USD to strengthen, thus posing a potential downside risk to BTC.
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