Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Prices for XBTUSD (Bitcoin) hit EMA300 and MA200 on the 2nd of April by reaching $7299, a big rejection followed and we ended with a bearish candle close.
After moving lower and testing as low as EMA10, prices resumed their growth and this same level, EMA300, is being challenged again today... MA200 has already been conquered.
Since EMA300 (now at $7239) is a strong resistance level (equivalent to EMA50 on the daily timeframe right now), there can be some struggle before going further up...
What will Bitcoin do next?
It depends on how this day closes.
If prices break and close above EMA300, we have a higher chance of going more up (green arrow).
But if there is no strength to break up, prices will retrace and test EMA50 at $6695 before trying again to go up.