Bitcoin price continues to follow TA and trending higher. After we hit bottom last month, bitcoin has been on a ride and getting stronger by the day.
Bitcoin have had many attempts to breakout in the past but none of them were supported by enoughhas been getting better and it furthers confirms all the signals we are getting from the charts.
There are quite a few signals to look at, so let’s see what is up with Bitcoin and what comes next!
CHARTS, SIGNALS & INDICATORS
Bitcoin is now trading above the $7,800 price level, which we can see marked with a brown line on the chart, that’s EMA200. Bitcoin hasn’t traded above this line since 11th May 2018, so breaking above it is a great signal, we now need only to maintain it on the daily and weekly time frames (on the weekly this same price level is marked by EMA20) to signal additional strength.
– We are on an uptrend (dotted green line).
– After months of, the keeps on trending up now finally on the side, but needs a bit more momentum to feel strong… a bit more momentum is needed for us, but slowly steady growth is what we expected from the start.
– Theis looking to have a crossed over on the weekly time frame, this is good as well.
– Looking again at the daily time frame, theis on the side and shows room available for additional growth. is also as well as and DMI.
– We are getting signals and breaking resistance levels that we haven’t break in a while. With a very strong Bitcoin is pointing for a week and possibly even more action. Just remember that each time a is broken, we need to retrace and consolidate, to load up for more.crossover of EMA10 and EMA50,
So remain calm when you see that Bitcoin goes slow. Only if it goes down strong and closes below support, we analysis and change/update our view as required to know where bitcoin will go now next.
In meantime… bitcoin isand will continue going UP!
(Support = $7,000, $7200, 7400)
(Resistance = $8,000 – $8,200)
Few more notes:
– Good on the daily.
– Short term, mid term and long term. Which term are you looking at? This is important when looking for future movements of Bitcoin , as the trend can change based on the time frame you are looking at.
– $8500+ close on the weekly is where we look for a new strong support, this needs to be broken and close above it on the weekly if we want to continue the bias for even more action.
– Just as you need to break $8,000 before you can reach above $8,200+ for a new strong support, you need to break $6000 before you can reach $5750, and break $4000, $3000, etc. before you can other lows. So dear bears do not worry about bitcoin going to $1,000, just as my loved bull shouldn’t worry about $20k, we have to go through many different levels, before we can get there.