alanmasters
Long

Bitcoin Can Go Higher (BTCUSD Short Term Analysis)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) tried to break above EMA100 on the 4H time frame multiple times before succeeding. I would like to take a closer look at this... Please allow me to entertain you for a few minutes:

  • First we see over 12 failed attempts to break above EMA100, which is the blue line. But BTCUSD would always produce a higher low at each attempt.
  • It finally broke above EMA100 and remained below it. There was an attempt to push the price down unsuccessfully and BTCUSD moved to close above $8075 with good strength and volume . With this move, we can expect additional bullish action.
  • Both the MACD and RSI are on the bullish zone which gives further strength to this setup.
  • If BTCUSD can remain trading above EMA100, it is very like that it will go higher and reach $8750 or up to $9000+... Certain conditions must be met just as it can move back down.

Thanks a lot for reading.

Namaste.

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THIS IS NOT FINANCIAL ADVICE.

Previous analysis:
Comment: Bitcoin (BTCUSD) forms a double bottom with increasing volume on the 4H time frame, the bullish setup is playing out nicely so far... (This new upcoming trade is time sensitive... Hit like to show your support):

4H:

1H:
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