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Bitcoin Still Trading Above EMA300, What Happens Next?

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin is still trading above EMA300, and even after massive bullish action with a retrace looming around the corner, it also remains trading above EMA10... The Bitcoin bulls are showing massive strength but there hasn't been any additional growth since the strong break in early April...

Daily chart with EMA300 marked:
Feel free to hit like, if you want to now, and let's continue with this short analysis:

  • We have a bullish rectangle as consolidation and continuation pattern, this pattern can easily lead to a breakout to the upside.
  • We are clearly looking at decreasing trading volume but still not low enough. There can be additional sideways consolidation/action.
  • The MACD is showing bearish potential, with the histogram now going in favor of the bears.
  • The RSI remains strong and showing a solid uptrend, quite bullish .
  • I say we have quite a few mixed signals here, and Bitcoin remains bullish as long as it remains trading above EMA10.

What's your take on what Bitcoin will do next?

Please share your view in the comments section below.

Remember to hit like.

Thanks a lot for reading.

Namaste.

Comment: Bitcoin Weekly Update
Comment: Bitcoin Monthly Update
Comment: Bitcoin broke the last high and it is going for one last final push:
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