Bitcoin Weekly "V Bottom" Moves Above EMA50 (Where To Next?)
Updated
Bitcoin (BTCUSD) has been a slow recovery with slow and steady growth which is now turning into a "strong recovery".
We have a "V-shaped" bottom and there was only one barrier left to know if Bitcoin would produce additional up.
If prices close weekly above $7865 (EMA50), we can easily see Bitcoin move higher and hit $9000+, which has been our target since March.
Do you believe Bitcoin will continue higher or a drop is imminent?
Share with us in the comments section below.
Namaste.
We have a "V-shaped" bottom and there was only one barrier left to know if Bitcoin would produce additional up.
- This resistance is at $7865 and is now being challenged on the weekly timeframe.
- Prices for BTCUSD are safely trading above EMA50 (magenta line) on bullish indicators.
- The MACD is showing a young bullish cross while the RSI is now sitting above 50.
- All the EMAs were tested and held as support, including MA200.
If prices close weekly above $7865 (EMA50), we can easily see Bitcoin move higher and hit $9000+, which has been our target since March.
Do you believe Bitcoin will continue higher or a drop is imminent?
Share with us in the comments section below.
Namaste.
Note
Previous analysis | Bitcoin Prepares To Jump? $8000 As Resistance Next!
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