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Bitcoin Back Up! EMA300 Tested (EMA50 Daily)

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Here I am looking at Bitcoin ( BTCUSD ) on the 4H timeframe... We can see EMA300 (grey line) tested for the first time since October 2020... We can say that this is enough and we now move up.

We also have a bullish candle/reversal signal and high volume .

This is the 4H chart:
When looking at the daily timeframe , this level that was tested is marked by EMA50.

Tested for the first time since Oct. 2020.

If you remember my EMA analysis after BTCUSD went below EMA21 and ended up with a lower high on the bounce, any close below EMA10 after that would send prices to the next EMA in line, in this case, that is EMA50.

Now that EMA50 is tested Bitcoin goes back up... Here is how it works based on my original EMA analysis.

If BTCUSD hits a new higher (higher high compared to 14-Jan.

Any retrace will conclude higher than EMA50 but... If instead Bitcoin prints a lower high on the current bounce then we go even lower and test EMA100 (blue line) which is next.

So there you have it...

What is happening now (price bounce) and what will happen next based on my EMA analysis.

We have more signals and tools of course, but this is the one today for you all.

Remember to hit LIKE to show your support.

Namaste.
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Comments

thanks once again Alan, much appreciated
+1 Reply
alanmasters KusaCubari
@KusaCubari, My pleasure.

Thank you for your continued support. :)
Reply
Nice chart! I’m looking for a strong daily close to confirm
+1 Reply
alanmasters EasyCharts
@EasyCharts, Yes... Confirmation still needed.

Thanks for your comment.

Namaste.
Reply
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