Bitcoin Challenges EMA50, Aims At $9428 or MA200, Possible?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) is now challenging EMA50, a very strong resistance level and useful indicator on the daily timeframe .

In one of my recent articles, I showed and explained how prices tend to gravitate towards MA200 regardless of where this indicator is going.

We have long-term signals pointing to a relief rally/bounce in prices for Bitcoin as well as other bullish signals, you can see it here:
Note: Daily candle closure today needs to happen above $7526 (EMA50) for this signal to be confirmed. If prices move and close below this level the above signals become invalid.

Now that we have these signals in place, we can also see how MA200 is starting to curve down while BTCUSD is moving up; they are about to converge.

  • MA200 is sitting at $9248 and can potentially be hit as one of our targets.
  • The RSI is strong above 50 (sitting at 56.6) as well as the STOCH . This one is looking really good and allows for so much more growth.
  • The MACD is also looking good and trending in favor of the bulls.

All that is needed here is one more push and good volume to support this move that is on the making... One thing is for sure, the bullish engulfing pattern we saw in early January is now producing results.

We are seeing prices moving higher... Let's hope Bitcoin continues growing for all of us.

Comment: Previous analysis |

Bitcoin Breaks Another Barrier (Signals) | $7700 - $7990 Next!

Bitcoin's First 2020 Very Strong Signal, Bullish Engulfing (Q1$)

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