Can Bitcoin Go To $10,000+? New Bullish Scenario Considered +...

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) hit a low on the 30-Sept. and has been printing higher lows since... Looking at this setup, a new possibility emerges.

After the strong drop around the 24-Sept., the bear volume has been low and Bitcoin recently managed to break above EMA10 on the daily timeframe .
Above EMA10 gives us bullish potential...

Now that EMA10 has been conquered, the next target becomes EMA50 which is sitting at $8800+, but $8588 needs to be taken out first.

Let's take a close look at the RSI ( Relative Strength Index ) indicator to see if it support further growth

  • Here you can see BTCUSD RSI's trading above resistance (red dashed line)
  • New low (oversold/weak) was hit on the 26-Sept. and now it is gaining momentum up.
  • Can easily hit up to 67 to support this move as strong.

What about the MACD (Moving Average Convergence Divergence) indicator?
Let's take a close look at it as well:
  • Even though it doesn't look as good as the RSI , the MACD is also trading above resistance (red dashed line) and this setup allows for additional growth.
  • If the MACD decides to move lower, it immediately has strong support.
  • The histogram is now green... Only follow up is needed by bulls, which can come as early as Wednesday or Thursday.

Here we took a more detailed look at our classic indicators and the Bitcoin ( BTCUSD ) chart in general shorter-term.

If you are looking for the LONG-TERM view, check the trade idea below:

Thanks a lot for reading and your continued support.

This is Alan Masters.

P.S. I don't buy likes and traffic either, so if you enjoy this content and would like to show your support feel free to hit LIKE. :)
This is not financial advice.

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