Last week's candles closed as a "Hammer", which is a .
"The formation is viewed as a reversal pattern that mainly occurs at the bottom of downtrends.
"The formation is created when the open, high, and close are roughly the same price. Also, there is a long lower wick, twice the length as the real body."
We also have a positive count starting on the TD Sequential indicator as well as the pattern.
Prices for Bitcoin are still trading below EMA10 and EMA50, which is , this is the next barrier to break on this timeframe.
- If Bitcoin can break EMA10/50, it can easily move higher and reach $10,000+.
- If Bitcoin can't conquer EMA10/50 and moves to close below $7300, we can easily see lower prices and even the last low tested.
- If prices start to crash hard, the main support will be sitting at $5050 or MA200.
We are aiming higher short-term.
is needed for confirmation of the current move.
Please allow time for the charts to develop.
Previous analysis: Bitcoin Starts To Gain Momentum | $8,000+ Or $10,000 Next?
Is Bitcoin Ready To Resume Its Growth? EMA100 Conquered
Thanks a lot for reading.