Warning: Bitcoin Trading Below EMA10 (Our Support & Resistance)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) is now trading below EMA10, which highly increases the potential for a drop here.

A closer look (Sharing Bitcoin's important support and resistance levels as promised):
  • Looking at the moving averages as indicators for support, a drop here can lead Bitcoin to test EMA50 sitting at $6177.
  • Bitcoin also has short term support sitting around the $7200 - $7450 range, followed $6775.
  • On the other hand, if Bitcoin turns around and moves up, we are looking at $8410 as the main resistance, followed by $8900 and finally $9950.
  • Current price is hovering around $7635.

Where do you think Bitcoin is headed next?

Share your thoughts in the comments section below.

Remember to hit like.

May 22
Comment: Bitcoin (BTCUSD) on the Monthly Time Frame (This is an interesting chart, it is extremely bullish, come and take a look)...

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The weekly chart still looks bullish! This week's candle has not engulfed half of the body of last week's candle, so there is an upward potential we will test $8500 again, and then potentially challenge $9,990. However, only time will tell.
+6 Reply
@georgime, I agree, thanks a lot for sharing.
+4 Reply
georgime alanmasters
@alanmasters, We are likely to go test $9990.
6500 region would be very realistic. Wicks can act as a magnet. I think that we have a lot of buy power in the 6500 region. So it wont consolidate there IMO.

alanmasters CryptoTraderXL
@CryptoTraderXL, Thanks for the chart.
I agree with your 6800 projection. This is the 4H chart broken down into support levels.

alanmasters TradingShot
@TradingShot, Thanks for sharing.
@scripter, We believe things are just getting started for Bitcoin not ending.

Thanks for the chart and perspective.

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