The BTC weekly chart tested the low from two weeks ago, and buyers stepped in. It is still above the EMA50, so the outlook remains fairly optimistic.
Keep an eye on the following: if the key level of 82,800 acts as resistance, a wave of short sellers may enter. If the price consolidates around this area, shorts may keep piling in. Once selling pressure is exhausted, those shorts could become fuel for a move higher.
A second test near 80,000 cannot be ruled out for now. If you’re looking to enter on the long side after confirmation, the price needs to hold above 82800#BTC
Keep an eye on the following: if the key level of 82,800 acts as resistance, a wave of short sellers may enter. If the price consolidates around this area, shorts may keep piling in. Once selling pressure is exhausted, those shorts could become fuel for a move higher.
A second test near 80,000 cannot be ruled out for now. If you’re looking to enter on the long side after confirmation, the price needs to hold above 82800#BTC