BTC – Confluence of Rejection
BTC/USD COINBASE:BTCUSD
That 12h 20 EMA rejection occurred on top of the bullish cross/intersection of the 20/ 21w MA band. Then the 20w SMA knocked it down again.
Interesting double rejection. I’m always inclined to attribute reactions to the 12h 20 EMA as the result of algo/bot trading. Price often responds to it. Rumors are that whales wanted to finish accumulation in this range (lower $40s). If we continue to respect the $40k range as support, I feel good about another rally to the upside and recovering that 20/ 21w MA band. But a close below $40k may put that at risk (short term).
