BTC Update
Bitcoin returns below 39000 as price continues to trade underneath the 9, 21 and 50 EMAs (yellow, green, blue lines). This suggests more downside in both BTC as well as most altcoins.
Warning: As long as price is below 39000, trend is weak and suggests move towards 35000. If 35000 fails to hold, the next support is 30000. Remember that the long-term trend on BTC is bearish as long as price is below 48300.
On the upside: The 2 major resistance levels to break above are 43000 level (last week's high) and 48300 (March high and 200 EMA white line). If price rejects off one of these resistances, it would add to the bearish case.
From a structural point of view, the March high at 48300 needs to be broken above in order for the former macro-uptrend to resume.
9 EMA: Yellow
21EMA: GREEN
50 EMA:Blue
200EMA: White
