Bitcoin Shows Strength, No Strong Retrace, Next Up!

Yesterday we were looking at Bitcoin and expecting a retrace. We did have a retrace but it reached only to $8400, so far Bitcoin is showing no weakness... Bitcoin is full of strength.

Looking at the daily chart, we can see Bitcoin (BTCUSD) safely trading above EMA10.

Each time we would have a retrace in the past, Bitcoin would easily break below this level and continue going lower, lately, super strong Bitcoin has remained easily above EMA10 (green line) and continues climbing up... We have no reason to believe that Bitcoin can't continue going higher... We expect for it to do so as long as we remain trading above EMA10.

If a drop does happen, remember this indicator to keep things simple and wait for the daily candle close. Because the strength we are seeing can either produce a lot more up, or a flash crash that is quickly bought up.

On the bear side, down breaking support after support... But Bitcoin is super bullish, so our next target remains at $9900+.

All important support and resistance levels are marked on the chart.

The arrows are for illustration purposes only.

Feel free to hit like to show your support.

Thanks a lot for reading.

Namaste.

Comment:

The monthly candle close can become really important, we have a full green candle with above-average volume.

The monthly chart makes the ATH (All-Time High) seems more than possible this year... What's your take, can Bitcoin go that far in 2019?

Share your thoughts in the comments section below.

Thanks a lot for your support.

Namaste.

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