Bitcoin: Van de Poppe Favors Longs Over Shorts
Michaël van de Poppe notes Bitcoin remains in a downtrend with crowded bids eyed at $75,000 while assigning under 5% odds of a drop to $60,000 and preferring the long side for accumulation.
SourceAnalysis
Bitcoin trades between levels in a downtrend, with Michaël van de Poppe flagging $75,000 as the clear accumulation zone that crowded positioning will likely prevent from being tested exactly.
At $76,942 the 4h chart holds a bearish structure below the EMA50 at $78,999 and EMA200 at $81,050, yet the MACD golden cross at -422.88 signals building momentum while RSI at 36.11 stays neutral inside the Bollinger bands with upper resistance at $78,564 and lower support at $76,828.
Michaël van de Poppe
@CryptoMichNLMacro-Economics, Value Based Investing & Trading || Crypto & Bitcoin Enthusiast