Bitcoin Price Faces Limited Downside as Hedge Ratio Remains Green
Bitcoin's potential for losses may be limited according to Charles Edwards, who points out that Capriole's Market Hedge Ratio has remained green for five years whenever it reaches this point. This ratio typically precedes several weeks of price increases.
The current price of BTC is $80,929.24, situated within its Bollinger bands with an upper resistance at $81,875.07 and a lower support at $75,234.26. The EMA50 and EMA200 are also above the current price at $78,205.55 and $72,528.9 respectively.
A bullish golden cross has been registered by the MACD with a reading of 731.48, while the RSI remains neutral at 66.71. This combination suggests that Bitcoin will likely test its 50-EMA support before potentially continuing higher rather than experiencing an immediate reversal.