Bitcoin bulls need to hold the 200-week EMA, as BTC price gets a Wall Street boost.
Eyeing the trading landscape for the coming week, Michaël van de Poppe, founder and CEO of trading firm Eight, flagged the 200-week exponential moving average at around $25,700 as a key support zone to protect.
“First of all, the 200-Week EMA lies beneath us. It's at $25,650 or $24,750 . The conclusion is, you don't want to drop beneath that level and you'd preferably want to mimic 2015-2016 sideways period,” he wrote in part of an“If the 200-Week EMA sustains, conclusions are that we're bottoming out here and we are potentially getting a massive entry point. If it's lost, I'd be looking at a case of $19,500-21,500 as the next big entry point and final capitulation.
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