BTC/USD: BTC still hovers around at its 500 EMA
|What happened in the last twelve hours.
BTC/USD price continues to bounce at 7440.72 support price level in the four hours price chart as it attempts to break and hold above its 500 EMA line.
What is going on now.
The current four hours price candle trades at 7658.24 just above its 500 EMA line and looking strong with supporting volume. It might continue to the upside if it makes it into the price channel.
My thoughts on what may happen.
BTC/USD still needs to maintain trading activities above 7440.72, and it's 500 EMA line as indicated in yesterday's update to make a change to the direction of the trend.
If it fails to hold above 7440.72, then there is a possibility that prices could fall to around 7126.40 to 6798.96
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.