Bitcoin technical Analysis Update (BTC/USD): Bullish Crossover is upon BTC, after a month long waiting, Rally looks sure to continue.
Hi Friends, welcome to this Quick analysis of Bitcoin, there is some strong positive signal that I needed to share before it happens.
In my last Post I gave a target around $13000 based on the bull flag and in expectation that any sustained rally even for a short time before reaching bottom of downward pink channel can result in a bullish EMA crossover,
As you can see BTC has so far nicely moved upward after breaking above the peak of last bull flag, this movement have also brought the bullish EMA Crossover upon BTC, which surely is going to be a strong bull signal.
If you go back in the BTC chart you can see the death cross occurred around 15 January resulting in a fall till $6000. So you can see how strong this signal happens to be whether bullish or bearish.
If the crossover takes place like it is looking so far EMA50 can diverge upward fat from the EMA200 and BTC is already trading above both these, MACD looks like giving confirmation, sell side volume looks disappearing,
All these evidences are suggesting that a break even to the heavy resistance around $13000 is imminent as I predicted in my last post and now enough proof is starting to appear on the chart. But however the BEARS are expected to show some pressure around the heavy resistance but they are surely going to need some extra power in order to push BTC to much down,
A slight hold around the heavy resistance can be expected but so far this rally looks to continue well above that and a breach to the 38.2% retrace around $14500 can also be possible but I would like to see a break above heavy resistance.
That will be all for now, I will keep you guys Posted in the as the chart develops further.
Till then Goodbye and Best of Luck to You People.