Bitcoin (BTCUSD) is showing some momentum today and prices are now above EMA10 and challenging EMA50... But, what happens next?
EMA50, now at $7167, is a very strong resistance level on the daily timeframe, it needs to be conquered for prices to go higher. [LIST] * Today's trading volume is still low but above-average, which is a start. * The indicators, MACD and RSI, are both on the bullish zone and can easily support more upside. * This move can lead to more just as it can turn into a "non-event" and prices continue to consolidate. [/LIST]
What to expect after the daily candle close?
Prices are now trading above EMA10, which is the green line on the chart ($6919). As long as prices are above this level we remain bullish.
If prices drop below this level, we expect the retrace to continue.
Do you agree with this analysis?
Where do you think Bitcoin is heading?
What about the 2020 Bitcoin Halving?
Share your charts and thoughts with us in the comment sections below.
I'll say we take a quick jump to fill the gap at 7260. Then we drop down to the 4H 200 MA. Then the slow march to ATHs post halving.
AlanSantana
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@DocShock1964, Thanks a lot for sharing.
4h 200 MA, that's around $6400
looky83
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@alanmasters, I believe also the same like @DocShock1964 is possible
Agora_Anarchy_Action
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I've been short since 6600 so this is welcome news... Always appreciate your TA!
AlanSantana
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@kjw1287, Thanks for the comment.
Namaste.
UnknownUnicorn5106171
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@kjw1287, Same here, where are your stop losses? Or at what price pint would you look to exit your position and cut your losses?
I still believe that BTC has a serious downwards trajectory very soon, but if it breaks above 7,500 I may have to reconsider very quickly!
Agora_Anarchy_Action
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@ObviousTrendLines, I'm 5x and not trading a large amount of BTC, so I'm not setting any stop losses. I'm willing to lose this short entirely if the price hits liquidation... I only margin trade with what I'm fine with losing though. I don't like to realize 30-40% losses because I've seen the price move right back on track after being down 76% before.
I think the downward trend is definitely coming, as Alan pointed out in this chart the 50 EMA is going to be a strong resistance and the daily just failed to close above it. I'm targeting 6300ish to close my short though.
AlanSantana
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@kjw1287, Thanks for the detailed comment.
HyptoCrypto234
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The macro trend line is what should be watched right now! Looks to be breaking