Bitcoin Breaks Pass EMA300, Next Target $11.3K or Sideways?
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 ( icons).
Today, Bitcoin ( XBTUSD ) managed to break above EMA300 with good strength and above-average . This is a signal and can indicate additional action is on the horizon.
On top of the EMA300 resistance being broken, we are also looking at an , 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.
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).
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.
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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.
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?