If weekly 21 EMA doesn't hold...

It's easy to get caught up looking at lower time frames. Make sure to zoom out and look at the big picture to keep perspective. The key factors in play at the moment are:

• The bulls and bears are currently fighting over the key psychological $10k level.
  
• Falling below the weekly 21EMA (with a candle close confirmation) is usually a clear signal that we are entering a prolonged bearish period (the 21EMA is currently $9954).
  
• Staying above the weekly 21EMA is usually a clear signal that we remain in a strong bullish period.
  
• Our current level lines up with previous tops in April 2018, Oct 2019, Feb 2020 and May/June 2020 and should offer strong support.
  
• A CME Futures gap exists between $9665-9925. Regardless of if you believe "gaps must fill", the fact is 99% of the time they do get filled, by coincidence or not.
  
• Any worse-case-scenerio dump, like back in March, should experience support with the immensely strong 200 weekly moving average (also converging with the 200 exponential moving average)... both currently sitting around $6600.
  
• We are also back-testing the two year long resistance line that we have just burst through (also converging with the 21EMA)... if they hold as support this could prove the perfect launch for a push back up to $14k.
  

Save crucial space on your Trading View chart by utilising the free RSI and StochRSI indicator which overlays both in a clear and helpful fashion. Add the essential EMA/SMA indicator to your chart too.

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Handel aktiv:

Beautiful confirmation bounce off previous resistance/now support, as we continue being carried up by the weekly 21EMA. If we push beyond $12k expect a rapid move up towards $15k.