Bitcoin Daily Breaks Above EMA10, First Time In Over 2 Months

May 30, 2022

We have a very nice development today as one of our classic signals.

For the first time in over two months Bitcoin is breaking above EMA10 on the daily timeframe.

At the same time the RSI is trending up near support; which is always a good bullish signal confirmation.

Trading volume is still low.
Not really negative but signaling that the real action is yet to start.

If we close today above EMA10 (Monday), we aim at EMA50 (~$34,000) next and likely higher after that.


Invalidation

When or how to know if the bulls lose momentum and this move is cancelled?

If BTCUSD moves and closes below $27,700 then we consider this current move to be lost but the relief rally potential remains active as long as Bitcoin stays trading above the 12-May ($25,365) low.

We also see Ethereum, Solana, Cardano (with 10X lev.) & other Altcoins growing in the coming days.

See the related ideas below for more...

Hasta luego!

Thanks for the support.