Bitcoin has strong support marked by , moving averages and fib. support.
Right now Bitcoin is retracing, letting off pressure, to prepare for another push up.
After we hit $7300-$7500, we can revisit the chart to mark our next target.
For support we are looking at mainly $6800 followed by $6550+.
Charts, signals & indicators
The weekly chart looks positive. This week didn't have enough for a strong move up. We either get the from buyers or we keep on "reloading" until mid-next week when another push up can happen.
If the bears take charge, we will visit the support levels mentioned above.
Thanks a lot for reading...
Make sure to visit my other trades in the "Related ideas" section below... They are doing good at the moment.
Alan Masters here...
- We can clearly see resistance marked by the EMA200 line (brown) around $7,130.
- We can see support around $6850+ marked by EMA100 line (dark blue).
Bitcoin has been trading within this narrow range for a few days. We are looking to consolidate and accumulate to later make the next move... We wait patiently.
The Moving Average lines, which I use often, are now producing several bullish signals. These signals can take a while to develop, but they hit most of the time. So we should be seeing Bitcoin moving up, according to these signals, by mid next week... Of course, this can change if our support breaks... If that happens, I'll post an update for you.
Bitcoin continues its climb up. We are now above EMA100 on the daily time frame and we have a bullish crossover of EMA10 and EMA50, this is a strong signal...
- We retraced as expected. Bounced from the lower end of the ascending channel, and continue our climb up.!
Make sure to support me once I launch my new platform... It will be available soon... In a matter of days.
DASHUSD had a 15,200% bull run last year, can you believe it? This is the cryptocurrency market, the stock market for the people!
(Bitcoin continues trading nicely within our ascending channel).
(Thanks for sharing with us in the comment section).
- We also have a bullish crossover of EMA10 and EMA50.
- We continue trading within our ascending channel.
- We have strong support @ $6800.
- Volume was average for the day, but can be considered good for a Saturday.
- We continue tracking Bitcoin's movements in our next trade idea...
Thanks for the continued support.