We waited for the weekly candle to close and now we have a better picture as to what might happen next with Bitcoin ( BTCUSD ).
On the week of 9-March prices had a really strong drop and hit below MA200, a bounce followed as soon as EMA300 (grey line) was hit... Right after prices started to quickly bounce and we are looking at a potential "V Bottom".
- As support, we are looking at EMA200 (brown), EMA300 (grey) and MA200 (black).
- BTCUSD is now trading above these very important levels (strong support).
We remain as long as prices for Bitcoin remain above $5500+, if his level breaks, we look for a higher high above $3K.
Where are prices headed next?
If Bitcoin continues , it will face resistance first at $7217 followed by $7568 (EMA10).
After ~$7550 is hit, we can expect a retest of EMA200, depending on how this level is handled we will publish a new analysis with the next move.
With lasts week candle closing above MA200 and prices now moving up; we remain on Bitcoin as long as we are trading above our "strong support".
Will Bitcoin and the Altcoins (The Cryptocurrency Markets) become a safe-haven for the economic meltdown that is now taking form?
Or do you believe that Bitcoin and the Altcoins will also crash with the Indexes and Stocks?
Please share with us in the comments section below!
It is always a good time to buy and accumulate Bitcoin long-term.