After slashing through the 200-day exponential moving average (EMA) and the 50-week EMA, Bitcoin (BTC) is now poised to retest its all-time high (ATH) in a move that would deliver one of the strongest buy signals to traders.
The token broke below the 200-day EMA, which is a crucial technical indicator for long-term trends, recently.
However, the price quickly bounced off this moving average, which we have seen XRP bounce off multiple times since its November rally but it broke below it recently and now the price is sitting just 7.2% from it at the time of writing.
The fact that the token dived below the 200-day EMA once already is bad news as it means that a significant volume of orders that were standing by to scoop up XRP once it got to that threshold have now been filled.
Hence, if the price breaks decisively below the 200-day EMA, which currently stands at $2, it would raise the odds of a bearish outlook for XRP.
The token’s volume profile so far this year shows that the $2 level is the lower limit of XRP’s value area – meaning the price zone where the highest trading volumes have occurred throughout this period.
If the opposite occurs and the price bounces strongly off this area, it would confirm our baseline scenario for XRP, which involves a rally to the $3.2 level in the next few weeks following a strong EMA breakout.
BTC Seems Headed to Retest its ATH
Bitcoin’s bear trap after a bearish EMA breakout is one of the strongest buy signals that traders could hope for.
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