May 11, 2020 12:32 PM
Short selling will break nearby 9231/9125. ==> Money-Maker, staring down loaded gun! Higher chance to follow 2.Scenario at 9250 nearby. Dont forget to give LIKES and Comments. We have enjoyed below Short Selling PLAN A and B:
Bitcoin has again rallied sharply in the weeks leading up to its impending halving event. But if historic patterns are anything to go by, the cryptocurrency could suffer a temporary price pullback following the supply-altering event.
The top cryptocurrency by market value has risen by over 130% since bottoming out at $3,867 on March 13 according to CoinDesk’s Bitcoin Price Index. The cryptocurrency jumped from $6,700 to $9,400 in the last 10 days of April alone. What's more, prices gained over 15% last week to register bitcoin's first seven-week winning streak in 12 months.
Notably, the big gains have happened in the weeks leading up to the mining reward halving, due on May 12, and are reminiscent of similar price rallies seen ahead of the previous two halvings, which took place in 2016 and 2012.
Few questions are starting to come up now that Bitcoin ( BTCUSD ) is clearly moving higher...
- How far up can it go?
- Where can we find the important support and resistance levels?
We are looking at Bitcoin ( BTCUSD ) on the daily (D) timeframe
We have really good trading volume , the bulls are now in full control.
EMA300/MA200 fully conquered today. Now that EMA300/MA200 is being conquered (this signal only confirms after the daily candle closes above $7930) more growth can happen.
We a "V bottom" which is also a higher low compared to Dec. 2019.
We have a very strong RSI sitting at 75.1 while aiming higher.
The MACD is bullish and allows for plenty of additional growth.
Now, will Bitcoin continue higher?
Looking at today's candles, it is possible for Bitcoin to continue higher on a strong close today.
The next strong resistance is sitting in the $8900 - $9100 price range.
This is the next level to break if Bitcoin wants to go higher.
If this price range can be conquered, we can see ~$10,500 next followed by $12,000.
On the other hand, we look for support first at EMA300/MA200 or the $7900 - $8000 price range if BTCUSD prices drop .
Below this level, we have strong support at $7700 now marked by EMA10 and finally $7300 or EMA50.
Bitcoin is now strongly bullish and can continue higher.
Below is our weekly analysis:
Bitcoin Weekly "V Bottom" Moves Above EMA50 (Where To Next?)