alanmasters

Bitcoin Weekly Remains Bullish while above EMA50

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Why is Bitcoin bullish on the weekly time frame?

Bitcoin is trading for the first time since July 2018 above EMA50, now also holding above EMA100 making $5200 a very strong support level , and this can also make our charting easier.

EMA10 was broken in early March and hasn't been tested since Bitcoin moved above it.

So we are looking Bitcoin remaining bullish for as long as it is trading above these two moving averages, EMA50 and EMA100. A drop and close below these levels, can easily send Bitcoin down to test EMA10 at $4652.

So we keep it easy on the weekly...
  • Any trading above EMA50/100 leaves the potential for Bitcoin to move up anytime and challenge the next resistance, right now sitting at $5475 followed by $6030.
  • A break and close below $5200 can send Bitcoin to text our main support at $4970. If this level fails to hold, the next support is found at EMA10.
  • Bitcoin can easily make one final move up here before going on full retrace mode. I wouldn't expect for it to go much higher than $6030 and $6300 maximum before it starts to retrace if a move up is to happen.
  • The other scenario that I am mainly looking at is for BTCUSD to start retracing right away, but for this scenario to playout Bitcoin needs to break down EMA10 followed by EMA300 on the daily time frame.

You can see the full analysis here for the daily time frame:
So, where you think Bitcoin is headed next?

Feel free to hit like to show your support.

Thanks a lot for reading.
This is Alan Masters...

Namaste.
Comment: Bitcoin Monthly Update
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