Can Bitcoin Go To $10,000+? New Bullish Scenario Considered +...

22. Okt. 2019

Bitcoin (BTCUSD) hit a low on the 30-Sept. and has been printing higher lows since... Looking at this setup, a new possibility emerges.

After the strong drop around the 24-Sept., the bear volume has been low and Bitcoin recently managed to break above EMA10 on the daily timeframe.
Above EMA10 gives us bullish potential...

Now that EMA10 has been conquered, the next target becomes EMA50 which is sitting at $8800+, but $8588 needs to be taken out first.

Let's take a close look at the RSI (Relative Strength Index) indicator to see if it support further growth

• Here you can see BTCUSD RSI's trading above resistance (red dashed line)
  
• New low (oversold/weak) was hit on the 26-Sept. and now it is gaining momentum up.
  
• Can easily hit up to 67 to support this move as strong.
  

What about the MACD (Moving Average Convergence Divergence) indicator?
Let's take a close look at it as well:

• Even though it doesn't look as good as the RSI, the MACD is also trading above resistance (red dashed line) and this setup allows for additional growth.
  
• If the MACD decides to move lower, it immediately has strong support.
  
• The histogram is now green... Only follow up is needed by bulls, which can come as early as Wednesday or Thursday.
  

Here we took a more detailed look at our classic indicators and the Bitcoin (BTCUSD) chart in general shorter-term.

If you are looking for the LONG-TERM view, check the trade idea below:

Thanks a lot for reading and your continued support.

This is Alan Masters.

P.S. I don't buy likes and traffic either, so if you enjoy this content and would like to show your support feel free to hit LIKE. :)
This is not financial advice.

Namaste.