The weekly chart continues with its bullish potential.
Yesterday's red candle did nothing to the weekly chart. It is easy to see here how Bitcoin (BTCUSD) is losing momentum, so it can decide to move up further before a retrace, or retrace to gain more strength and continue going higher and higher.
EMA10 is now sitting at $6766 as the main and strongest support on this time frame, before reaching EMA50 ($5760). These are strong support levels and Bitcoin remains BULLISH as long as it is trading above these.
The MACD is sitting on the bull side and strong, while the RSI is at its highest since the 2017 bull run.
Volume (red) is lower compared to the past six weeks (green), so this can be the "consolidation" week and Bitcoin continues moving next.
Maybe a short break the first half of June, to allow altcoins to grow, and then Bitcoin can continue growing!
What's your view on Bitcoin's next move?
Share your thoughts in the comments section below.
This update is shared together with: Bitcoin Goes Higher? Bullish Potential Remains, $11000 or $7400?
With stocks sliding and confidence in traditional markets dropping, if BTC becomes a safe haven or hedge for even small percentages of High Net Worth individuals it could look like this scenario next 6 months...
AlanSantana
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@StakeStack, Price nice chart, I agree and we are writing about it.
Thanks a lot for sharing.
tom.farrell85
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My hort term guestimate is resistance at 8500-8600 then on to 9500-10k.
@alanmasters, addendum to this. possible drop to around 7100 due to the futures gap... THEN rise!
daddycool1
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too much hopium = big red,best indicator for markets,people are longing higher highs now cuz it makes another 10% next week,market loves to liq those opportunities,just be careful with your long.and lower range is lower than 7400,testing of 6k wont be unusual nor bearish.