alanmasters
Long

Bitcoin (XBT) Challenging EMA300 | Can Lead To $8,111+

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
For Bitcoin ( XBTUSD ) on the 4H timeframe, the EMA300 line has been working as a very strong resistance and support level .

Notice this chart... Left side:
  • When EMA300 was conquered a massive jump in prices followed.
  • XBTUSD is now trading above this same level and trying to remain above it. If it can remain above, we can expect a huge jump in prices.
  • The MA200 line, black, is now fully conquered and will work as support if Bitcoin moves lower.
  • The indicators, RSI and MACD , both are positioned in a way that easily supports additional growth.

Here for the longer-term perspective/view with a $48,000 target for Bitcoin:
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Comments

We are right now hugging the neckline of the head and shoulders, I think it's about to explode pretty soon.
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darkpiggie darkpiggie
@darkpiggie, inverse head and shoulders obviously
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alanmasters darkpiggie
@darkpiggie, That would be great, I've been waiting for it. :)
Reply
darkpiggie alanmasters
@alanmasters, It did fortunately, but now it's hugging the channel line.Given the high RSI levels it doesn't look like there is room for a breakout out of the channel. Let's wait and see :)
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