BTC Update! Bulls clinging on but have work to do here

12 Jul 2019

Continuing with our daily chart here. Bulls saw another red day today and dropped down even lower giving bears some decent momentum as they tried to push price below our most recent higher low on daily which is down at $10,761. Price dipped to $10,933 earlier today which was at our next EMA we watch, 26 EMA. Bulls are showing a fairly decent bounce from there but we initially wanted the 12 EMA to hold, that has failed and now the 26 EMA held. As price sits between these two EMAs, I will want to see if the 12 EMA now turns into resistance (look back to early June when we lost the 12 EMA and took several days of rejections before bulls got back ahead). If bulls reject at 12 EMA and fail the 26 EMA then they are in real jeopardy of losing this daily uptrend. 12 and 26 EMA crossing would also be very bearish in my opinion as we have not had the 12 EMA below the 26 EMA since mid February when price was around $3500! To avoid this, bulls will want to seek a break above our 12 EMA and move back towards our recent level of $13,202. This is one of the more important battles BTC has faced recently so bulls will need to show up, continue the uptrend on the daily. If they lose the uptrend and we begin our lower lows/lower highs on daily chart, then we zoom out to weekly chart which does show some decent upper wicks of profit taking this month and RSI pretty extended on weekly and weekly support sits down at $9651 with our strongest support in my opinion continuing to be down at $7400-7700 area. Lets see what the bulls can do tomorrow and heading into weekend.

Just My 2 Sats!