XBT Short-Term 1H | 1-Dec.

Let's continue looking at Bitcoin (XBT) on the short-term.
(For higher timeframes and the Altcoins, see "Related Ideas" at the bottom of this post).

The chart structure changed completely and for the better.

The main support we were using, MA200 and EMA300 have now become secondary.
The bulls are ahead.

EMA50 at $16,885 is the main support to look for on a drop.
EMA21/EMA10 are still holding Bitcoin.

Let's get to the analysis.

We have an ascending channel.
XBT trading above EMA10 and EMA21 signals that the short-term bias still favors the bulls.

The RSI is not as strong as before and resistance was met at $17230, this is the level to watch for.

There is no volume here but looking at other charts, it seems the bulls are not done.

We continue aiming higher...

Namaste.

Comment:

There is consolidation taking place.
The technicals are still bullish but the bears are showing their face on every attempt up.

I've updated the support levels.

Let me know if you find this short-term analysis useful or I can discontinue it and focus on the Altcoins.

Namaste.

Comment:

Looks like XBT is set to retest the 1-Dec. high.
After a higher low and bullish consolidation, if this level is challenged it can easily break.

Right now it stands at $17,250.