“The most difficult thing is the decision to act, the rest is merely tenacity.” - Amelia Earhart
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BTC fell a bit to reach the 20-day EMA. The 20-day EMA, of course, is an indicator that many people will pay close attention to, but there’s even more support just below the 50-day EMA. The 50-day EMA, of course, is essential, and the $40k level just below there is also very important.
So, with that being said, we will see many questions asked of support underneath, and we do think that there will be buyers down there. That being said, most buyers will look at this through the prism of value. Can we find value at this point?
A liquidity cluster has been formed around $43.2k to $43.7k on the upside, and $42k to $41.5k on the downside. The market is likely to gravitate towards these levels in the absence of a clear trend. The Higher Time Frame 4-hour CVD are still maintaining a buy pressure.
If the HTF CVDs lose their overall buy aggression, there could be a shift in market sentiment towards the bearish side, leading to indecisive price direction with a bias towards the bearish. Long positions were initiated with a target around $42k to $43k, which has been reached with the recent market move.
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