Bitcoin Bulls Gain Momentum, Where Is The Next Target?

Bitcoin (XBTUSD) continues with a slow but consistent recovery from the strong mid-March drop, prices hit EMA50 ($7302) today.

EMA50 is an important level in the daily timeframe, breaking above it can send Bitcoin higher up.

Right now prices continue to increase but the trading volume is still low, so we need to be cautious as things can turn fast here with Bitcoin.

CHART SIGNALS

• The RSI is looking strong above 50.
  
• The MACD is still below zero but going higher.
  
• We remain bullish as long as prices remain above EMA10 ($6518). If prices close below EMA10 daily, we start to look at the bearish scenario. Right now we remain bullish and expect Bitcoin to move higher.
  

NEXT TARGET
If EMA50 is conquered the next target will be around $7800 to continue quickly to $8500+.

SUPPORT
On a retrace, the blue dashed lines on the chart is where we find our first support.

Bitcoin can easily continue higher here but be cautious until more volume shows up.

The weekly chart is also starting to look pretty interesting, the weekly close Sunday will be really important as a strong close can give us a very strong signal as to where Bitcoin is headed next.

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