alanmasters
Long

Bitcoin Challenges EMA50, Aims At $9428 or MA200, Possible?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) is now challenging EMA50, a very strong resistance level and useful indicator on the daily timeframe .

In one of my recent articles, I showed and explained how prices tend to gravitate towards MA200 regardless of where this indicator is going.

We have long-term signals pointing to a relief rally/bounce in prices for Bitcoin as well as other bullish signals, you can see it here:
Note: Daily candle closure today needs to happen above $7526 (EMA50) for this signal to be confirmed. If prices move and close below this level the above signals become invalid.

Now that we have these signals in place, we can also see how MA200 is starting to curve down while BTCUSD is moving up; they are about to converge.

  • MA200 is sitting at $9248 and can potentially be hit as one of our targets.
  • The RSI is strong above 50 (sitting at 56.6) as well as the STOCH . This one is looking really good and allows for so much more growth.
  • The MACD is also looking good and trending in favor of the bulls.

All that is needed here is one more push and good volume to support this move that is on the making... One thing is for sure, the bullish engulfing pattern we saw in early January is now producing results.

We are seeing prices moving higher... Let's hope Bitcoin continues growing for all of us.

Namaste.
Comment: Previous analysis |

Bitcoin Breaks Another Barrier (Signals) | $7700 - $7990 Next!

Bitcoin's First 2020 Very Strong Signal, Bullish Engulfing (Q1$)
Comment: NO NEED TO CRY, I STILL LOVE YOU!

In a life full of challenges, which we don't judge nor consider right or wrong... Crying is only the solution at hand for some of the situations that leave us saying... "I don't know".

We work so hard to try and control other people's thoughts.

We work so hard so that you are not FREE, so that you cannot have your own moments, so that you cannot grow and we call it LOVE!

Some others have no attachments to the outcomes and only feel grateful and practice gratitude by saying thank you, cultivating the feeling and really appreciating just the fact that they are alive, that they have the chance to be involved.

Any conflict with ideas of what is right, who is right, what is wrong, who is wrong is completed dissolved...

Love can be expressed through the Ego, by controlling, arguing, screaming and not letting-be of the other Soul...

Or you can just say Thank You!, enjoy the moment and let God deal with it all.

Whatever happens next, I am open to the will of God!

Namaste.
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Yeah I agree
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Looking for a move down first.
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@DemKos, Thanks for sharing. I have a new chart that I will be sharing short-term... The bulls are in full control now.
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DemKos alanmasters
@alanmasters, first a move down to 7700-7400. This wont go up here. maybe sweep highs of 8100 but after that it wil go down.
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@DemKos, Thanks for sharing. It already hit 8100+, let's see how it goes.
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your work is good) my idea about btc
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alanmasters Alex_Clay
@Alex_Clay, Thanks for sharing.
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9428 is definitely ambitious.

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alanmasters PurpleCrypto
@PurpleCrypto, Thanks for chart.
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Imh toughest area is 8000-8500$, mainly because of upper bound of channel and weekly MA20 ( red ).



If price manages to breakout MA20 in the mid 8000$ then it would likely act as support for a bull run like back in 2016.

Anyway i think a breakout there need much more volume than what we actually see.
Hence any predictions are pretty tricky here.
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