Bitcoin Weekly +$5,300 Possible If Bitcoin Does The Following...

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Looking at Bitcoin on the weekly time frame, we have a few signals to look at:

  • We have the ADAM & EVE bottom which we looked at in the past.

  • The MACD is showing a strong bullish crossover.

  • Bitcoin is trading within EMA200 (orange bold) and MA200 (black bold) since November 2018.

  • First time that Bitcoin breaks and closes above EMA10 since late August 2018. Each time Bitcoin breaks above EMA10 it quickly falls back down after 1 or 2 weeks.

    If Bitcoin can remain above EMA10 on the weekly time frame, this can signal the beginning of a change of trend.

    The last time that Bitcoin traded and remained for more than one week above EMA10 was before January 2018.

    My saying that above EMA10 = bullish potential and below bearish, can be fully appreciated here.

  • The strongest challenge for Bitcoin right now on the way up is $4105 or EMA200. If this level can be broken, you can expect Bitcoin to go above $5,000 fast and find resistance at EMA50/EMA100, around $5,300-$5,350.

  • The immediate support is sitting at $3820 or EMA10, followed by $3600.

  • Very strong support can be found within the $3,200 to $3,400 range.



Note: This update is for shared for my "Bitcoin Continues Solid (Bullishness Remains Intact) + Altcoins" analysis, you can find it here:
Bitcoin Continues Solid (Bullishness Remains Intact) + Altcoins


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