Bitcoin managed to break the $10,400/$10,500 barrier easy... Where are prices headed next?
Ok. As soon as Bitcoin (BTCUSD) moved above EMA10/50, we quickly adapted to the market and saw $10,400 as the final target... This level rejected Bitcoin's growth in the past... See it below:
July 21 | Bitcoin Goes Bullish... Where To Next? $9800 or $10,400?
Now that Bitcoin is above this level, which we considered being very important, where are prices headed next?
With high volume on yesterday's candle, a very strong RSI, and a bullish MACD, we can see BTCUSD easily aiming higher going to $13,000 or even $14,000 next.
If prices move back down and close below $10,400/$10,500... We still remain bullish above the Moving Average lines on the chart.
We remain strongly bullish with any action that happens as long as prices stay above EMA50.
Yesterday's move is great for the entire cryptocurrency markets and signals big positive for the end of the year, Q4.
We will also track the monthly closure as the bearish view I shared recently will be fully invalidated if we close above $10,500 this month (just a few days away).
Altcoins Market
Don't worry about the altcoins let them correct... We saw huge growth.
It is normal to see a correction after such strong growth.
After the correction is over, the altcoins market will also continue to grow.
Remember we move in cycles, up and down, up and down, down and up... Enjoy the profits as they come.
Make sure to diversify and hit LIKE to show your support.
"The Altcoins market has been growing a lot lately so many people can be expecting a drop ... But the market is a lot bigger than before and even though many altcoins are growing, there are still more that are trading near all-time lows and are waiting for their turn to move up.
If Bitcoin prints a very strong drop, the entire market will go red for a few days... As soon as the panic is gone, the altcoins will bounce back up with even more strength."