Bitcoin rallied again a bit on Friday, crossing above the 50 Day EMA after initially falling a bit during the session to finish the day in the green.
(September 26, 2020 8:30 PM EST)
Support: $10,000 continues to be strong support, which is a significant psychological inflection point. Look for continued support there, and below at the 200 Day EMA.
Resistance: 50 Day EMA continues to be immediate resistance and I'm not convinced it's been conquered until Bitcoin breaks above it in convincing fashion, then successfully retests it as support. If BTC breaks above that, look for a move to test $11,000 again. Bitcoin has been bouncing around in this $1,000 range between $10,000 and $11,000 for a couple months now.
Outlook: Today was a positive day but barely, with prices not moving much in either direction. This be taken with a grain of salt, as equities recovered late in the day after somewhat steep drops over the last 2-3 weeks. This is a typical market reaction and looks to be a deadcat bounce of sorts, as markets consolidate before heading lower to complete an elliot wave 5-wave structure. If you look at either equities or BTC market, you'll see a tightening range and descending channel that points to a more substantial move soon, either breaking out or breaking down. Heading into the weekend, lower volume typically means less activity, but significant activity is usually suspect due to less liquid markets. Monday morning we'll get a better idea of where this market is eyeing.
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