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Is it time to get bullish?
Perhaps it’s time to get start to get bullish on BTC. It’s back to trading above the 200-day EMA (yellow) and SMA (green) on the daily.
Now the question is can it close on the weekly above it?
Price is also breaking above the Short Term Holder Realized Price (STHRP) which is always a key signal for bullishness. We just need price to stay above it moving forward.
Many influencers are sharing images where the ETHBTC price is projected to fall way down but they’re omitting the trend line where ETHBTC should find initial support first. Assuming it doesn’t fall right through we’re probably on our way to bottom for ETHBTC. Something to keep monitoring.
So perhaps we’re starting to see some bullish momentum back in crypto if BTC can stay above the 200-day EMA & SMA and if ETH can bounce off that support trendline.
This should line up pretty well for the upcoming EIP-4844 catalyst in the Arbitrum ecosystem.