Bitcoin Breaks Pass EMA300, Next Target $11.3K or Sideways?

Can Bitcoin (XBTUSD) enter a sideways consolidation phase?

Today we are going to be looking at EMA300, which is marked in the chart above with a thick grey line... Let's get started.

We are going to keep it pretty simple and easy to read/follow.

Back in early August, on the left side of the chart, we can see that Bitcoin moved up when it managed to break above EMA300 (marked with yellow circle).

After a peak was hit on the 6-Aug. Bitcoin started to retrace until it broke below EMA300 (purple circle). After this break of support, XBTUSD was rejected multiple times on the way up (hammer icons).

Today, Bitcoin (XBTUSD) managed to break above EMA300 with good strength and above-average volume. This is a bullish signal and can indicate additional bullish action is on the horizon.

On top of the EMA300 resistance being broken, we are also looking at an ascending channel, higher lows and a break of EMA50 and EMA200 (orange line).

Here we might see some consolidation sideways before the next move.

This is how we are looking at it:

• If Bitcoin can remain above EMA300, it has the greatest potential of moving higher and challenge $11.3k. If this level can be conquered $11.7k goes next.
  
• If Bitcoin fails to remain above EMA300, EMA200/EMA50, then we can expect for the lower support levels to be tested at $9,900 - $10,100. This is just keeping it simple.
  

Here is our latest analysis on a longer time-frame:

Same chart for BTCUSD:

Where do you think Bitcoin is headed?
Use the comments section below to share your thoughts...

Thanks a lot for reading.

Namaste.

Comment:

Bitcoin daily time frame:

Bitcoin (XBTUSD) is now trading above EMA10 and EMA50 on the daily time frame. EMA50 is always a strong support/resistance. Closing above this level gives the bulls additional strength.

The daily candle closes in less than 3 hours (00:00 UTC).

Comment:

Previous analysis (13 Aug.):

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