alanmasters
Long

Bitcoin Breaks Pass EMA300, Next Target $11.3K or Sideways?

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Can Bitcoin ( XBTUSD ) enter a sideways consolidation phase?

Today we are going to be looking at EMA300, which is marked in the chart above with a thick grey line... Let's get started.

We are going to keep it pretty simple and easy to read/follow.

Back in early August, on the left side of the chart, we can see that Bitcoin moved up when it managed to break above EMA300 (marked with yellow circle).

After a peak was hit on the 6-Aug. Bitcoin started to retrace until it broke below EMA300 (purple circle). After this break of support, XBTUSD was rejected multiple times on the way up ( hammer icons).

Today, Bitcoin ( XBTUSD ) managed to break above EMA300 with good strength and above-average volume . This is a bullish signal and can indicate additional bullish action is on the horizon.

On top of the EMA300 resistance being broken, we are also looking at an ascending channel , higher lows and a break of EMA50 and EMA200 (orange line).

Here we might see some consolidation sideways before the next move.

This is how we are looking at it:

  • If Bitcoin can remain above EMA300, it has the greatest potential of moving higher and challenge $11.3k. If this level can be conquered $11.7k goes next.
  • If Bitcoin fails to remain above EMA300, EMA200/EMA50, then we can expect for the lower support levels to be tested at $9,900 - $10,100. This is just keeping it simple.

Here is our latest analysis on a longer time-frame:

Same chart for BTCUSD:

Where do you think Bitcoin is headed?
Use the comments section below to share your thoughts...

Thanks a lot for reading.

Namaste.
Comment: Bitcoin daily time frame:

Bitcoin (XBTUSD) is now trading above EMA10 and EMA50 on the daily time frame. EMA50 is always a strong support/resistance. Closing above this level gives the bulls additional strength.

The daily candle closes in less than 3 hours (00:00 UTC).
Comment: Previous analysis (13 Aug.):
Comment: Celer Network vs Tether (CELRUSDT) Analysis with Targets

I will try and take a look at the USDT pairs as well as the BNB pairs in the future for most altcoins...

Thanks a lot for the support.

Here is the analysis:
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See the chart here:
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Trade signal:
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Bitcoin Gold Oversold, ATH (11400%) & Targets (Full Analysis)

Are you into Bitcoin Gold?
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Metal (MTLBTC) Continues Growing As Predicted
More to come

Chart:
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Elliott Wave Double Three Combination
Reply
ferGOD ferGOD
+1 Reply
@ferGOD, Thanks for sharing.
Reply
@ferGOD, Some strong support along the way... We will see how it goes.
Reply
ferGOD alanmasters
@alanmasters, Yes. Let's watch eating Popcorn! Waiting to add more contacts ...
+1 Reply
@ferGOD, :D
Reply
Sandwiched between EMA100 and EMA200... Exciting.
+1 Reply
@mr.bergan, Yes!

What's your take on where Bitcoin will go next?

I see good support in the form of MAs as well as the last low.
Reply
mr.bergan alanmasters
@alanmasters, Hi!
The line touching the High value on August 6 and 10 (same as one of the green dotted lines in your snapshot above, "Bitcoin daily time frame") cuts off the ascending channel, and today's High almost touches. I have drawn a descending channel with this line as top, I'm thinking it may bounce back and follow the descending channel further down to $9900-$9700... I also noticed that on the 4H chart BTC was below all EMA's but 300 for a moment, fueling this idea further.
Of course there are probably several flaws here, so this is as much a question as a suggestion...
Does any of this make sense?
Reply
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