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-$9700... I also noticed that on the 4H chart BTC was below all EMA's but 300 for a moment, fueling this idea further.
Of course there are probably several flaws here, so this is as much a question as a suggestion...
Does any of this make sense?
On the 4H, at the time it is above all MAs. I am still not seeing much momentum... It is likely that we see some slow/shy Bitcoin action for the next few weeks rather than any strong moves as we saw before.
Is the BBL Long XBTUSD still active? Or bast just wait and see..?
I have noticed one of the news (but I can't find it) that money inflow from institutions is 200-400M$ weekly.
On the other hand I think it's logical that big buyer want's lower prices.
Currently we have low traffic, choppy trading (I heard this term last time quite some time ago. I can't remember if it was before big fall from 6k (last year) or big grow (when BTC was less that 4k, before breakout)
So we can say that something big will happen. We just don't know in which direction will it flow ;)
What do you think about these ideas ?
BR and good trading!
I can see some bearishness mid-term, bullishness long-term.
Big players can want lower prices, but if they get it the price will still move up after they join.
So it is a waiting game if you are looking to buy Bitcoin to collect profits on the way up.
Thanks a lot for your time and support.