#USJobsData The 24-hour change in BTC is a 2% increase in the last 24 hours, where it has been holding around $92,200. The current daily chart appears slow; however, the four-hour chart reflects initial strength developing for BTC. As the four-hour charts respond faster to price changes than longer timeframe charts, this period of strength will help indicate where BTC trades during the upcoming sessions - will BTC price trend to $95,000? The price level that many analysts anticipate as a pivotal point regarding the BTC price trend.
BTC Forming Short-Term Strength With A Crossover And Potential Risk
BTC is positioned to produce another bullish crossover on the four-hour EMA chart. The EMA is derived from a combination of price data for each trading period. Because recent prices carry greater weight in this average than prices from earlier or later trading days, traders often rely on the EMA to identify changes earlier in price trends. When the 50-EMA crosses above the 100-EMA, this is considered a bullish crossover and suggests a strong increase in demand to purchase BTC. As it stands, the 50-EMA is on the cusp of crossing above the 100-EMA.
The distance between the two EMAs has been sharply decreasing. If the crossover completes, BTC should have a more open “roadway” to $95,700 (a significant level of resistance). On the other hand, Bull Bear Power, which indicates who is dominating candle movement, has waned, and if it declines again, the BTC evidence of bullishness will be at risk of extinction. This is the primary near-term risk.
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