Yesterday's red candle did nothing to the weekly chart. It is easy to see here how Bitcoin ( BTCUSD ) is losing momentum, so it can decide to move up further before a retrace, or retrace to gain more strength and continue going higher and higher.
EMA10 is now sitting at $6766 as the main and strongest support on this time frame, before reaching EMA50 ($5760). These are strong support levels and Bitcoin remains as long as it is trading above these.
The is sitting on the bull side and strong, while the is at its highest since the 2017 bull run.
(red) is lower compared to the past six weeks (green), so this can be the "consolidation" week and Bitcoin continues moving next.
Maybe a short break the first half of June, to allow altcoins to grow, and then Bitcoin can continue growing!
What's your view on Bitcoin's next move?
Share your thoughts in the comments section below.
This update is shared together with: Bitcoin Goes Higher? Potential Remains, $11000 or $7400?
Thanks a lot for sharing.