AlanSantana

Bitcoin Facing Resistance At $8146 or EMA200, Where To Next?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) is now facing resistance at EMA200 or $8146, this is the brown line on the chart.

In an earlier article, I explained how we use the Exponential Moving Average lines to determine what will happen next and so far this indicator has been of great help... This is a learning article, you can see it here:
Bitcoin (XBT) Classic Elliott Wave ABC Correction Taking Place?

Now, for the current chart for Bitcoin , we move back to the daily timeframe and here we can look at the EMAs as well.

  • EMA50 in yellow was easily conquered and then EMA100 in purple held as well... Now, EMA200 just rejected Bitcoin's growth and is the main barrier at this moment to break.
  • If BTCUSD manages to stay above this level, it can move higher. But if instead, prices remain below EMA200, BTCUSD is very likely to drop and move lower...

What's your take?
It is normal to have a retrace after a bullish wave.

Namaste.

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