Bitcoin's bulls showed themselves really strong last week when they bought everything below EMA50 and pushed the price above EMA10 in one single .
Bitcoin ( BTCUSD ) was trading below EMA10 ($9170) and fell below EMA50 ($8012) to reach a low of $7293... As soon as this low was hit, Bitcoin had a very strong bounce and the bulls now are back in control... So what happens next?
Let's take a look at the signals coming from the Bitcoin weekly chart
- Here we can see the 'reversal signal' with a marked with a blue circle.
- When you look at the trading , we can see a huge increase and a strong breakout. The highest since May 2019... Last time we saw this type of Bitcoin grew from $8000+ all the way to almost $14000.
- The remains strong above 50 (this is ).
- The is starting to curve and the histogram is already moving in favor of the bulls. The is also on the side of the bulls.
- Bitcoin is clearly trading above EMA10/50 with a new green count starting on the TD Sequential indicator.
With lasts week's candle, you can consider EMA100 ($6987.80) to have been tested and Bitcoin can now try and test higher resistance levels on the way up.
One more is yet to be tested which is EMA200 (orange) at $5391. But if this level will be tested Bitcoin is very likely to first move up.
New Bitcoin Targets & Support Levels
After the lasts weekly close, we have new targets for Bitcoin .
The sellers were clearly rejected and the bears are now gone...
This can obviously change if the last low is broken at $7293 but now we remain and strong...
What about the new targets and support?
Continue reading below...
- As immediate support we have EMA10 sitting at $9176.
- The next support if Bitcoin moves down and closes below EMA10 will be $8800 followed by $8000-$8250.
- The main support is the last low mentioned above.
- Now that the Bitcoin bulls have given us a strong and clear signal, let's take a look at what's in store for on a follow-up... the immediate resistance is now sitting at $9789.
- A close above this level and $10560 enters the picture.
- Finally we have $11300 followed by $12400.
- Depending on how these levels are handled we can analyze the next move.
If you would like to look at Bitcoin shorter-term ( ), check the trade idea below | Everything Chances Now... New Bitcoin Targets ($12,000+ Next?)
I will also leave you with a positive message below hoping to send you good vibes and positive energies to start your day.
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Thanks a lot for reading.
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