The Bitcoin market was relatively quiet during the trading session on Thursday, losing over 1%. However, what’s worth paying the most attention to is the fact that he had pulled back from the 50 Day EMA. The 50 Day EMA is an indicator that a lot of retail traders pay attention to, so it does make a certain amount of sense that it would cause some resistance. What’s even more worth paying attention to is the fact that the previous candlestick on Wednesday was a shooting star, showing that we are struggling with the idea of getting above the $24,000 level.
The market has recently broken out of a short-term consolidation area, but that does not mean that the trend has changed. In fact, I think the trend is still very much on the downside and it’s likely that the market will continue to see sellers when they get a bit of an opportunity. After all, crypto continues to struggle in general, so if that’s going to be the case is difficult to imagine why we would suddenly go higher.