Bitcoin Going To... 100% Original EMAs Analysis |$10800 or $8000
So, what is going to happen next with Bitcoin ( XBTUSD )?
Now I share analysis of the EMAs that I learned through experience... Here is the sequence:
1) XBTUSD ( Bitcoin ) breaks below EMA50 on the 9-May, by the 13-May XBTUSD is back above EMA50.
In this case, EMA200 was hit (brown line) on a long-wick drop, so we can say this level was tested or that this level worked as support.
2) Prices move back above EMA50 but result in a 'lower high'. This peak was hit on 17-May at $9979, this is a lower high compared to the peak hit 7-May at $10085.5 before prices dropped below EMA50 for the first time.
3) Prices just broke below EMA50 once more after the lower high... This sequence tells me that Bitcoin will go down and test at the least EMA200 again on the next drop, but since this level was already tested it can easily go lower and test the EMA300/MA200 price range.
Based on this analysis, we are looking at $8420.5/$8558.5 next... Of course, the chart can always change.
Below we have the Bitcoin Sideways scenario...
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Thanks a lot for your support.
EMA = Exponential Moving Average.
50 = 50 Periods (50 candles or whatever you are using in your charting).