Bitcoin Short-Term, Back To The Bulls ($54K Next) | 2H Analysis

Bitcoin Short-Term, Back To The Bulls ($54K Next) | 2H Analysis

Bitcoin / U.S. dollar BITSTAMP:BTCUSD


Bitcoin ( BTCUSD ) has broken the descending trendline (marked blue) and is now going green, the bulls are back on top.

A rejection took place at the blue trendline recently and we saw prices moving below MA200, EMA200 all the way down to EMA300, which worked as support.

As soon as EMA300 was confirmed, Bitcoin moved back up and closed above all the Moving Average lines including MA200 and EMA10, the black and green lines, this puts the bulls back on top.

The trading volume is still low, so be aware, sudden moves can happen in any direction when the volume is low.

On the bullish side, we are looking at $54000+ and the All-Time High as bullish targets if prices continue to move up.

What’s your take?

  • Do you think Bitcoin will reverse and continue the previous correction?
  • Do you think Bitcoin will continue straight up, maybe to $65,000, $74,000 or $100,000+?

Share with us in the comments section below.

Namaste.

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