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Bitcoin Bulls Get Too Confident, Too Soon
Bitcoin (BTC) attempted to test the 50 day EMA but it failed miserably and the price declined before BTC/USD could actually test that level. This means that we are likely to see the price form another candle to the downside and maybe we might not see bullish recovery until next week. It is still possible though for the price to test the 50 day EMA tomorrow or the day after because we still have two more days left before the weekly close. If we take a look at the 15 minutes chart for BTC/USD it all begins to make sense why the price declined in the manner that it did. The rising wedge on the 15 min chart for BTC/USD was broken to the downside and the price started to fall aggressively soon as it declined below the 50 EMA.
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