Bitcoin Goes Higher? Bullish Potential Remains, $11000 or $7400?

Bitcoin (BTCUSD) produced a big red candle yesterday which hit a low at $8005. But first, Bitcoin moved up to $9,109, a price that hasn't been seen since May 2018.

Now, let's take a look at the chart together. Please feel free to hit like to show your support... Let's get started!

Bitcoin is trading within a rising wedge, which is clearly visible in this chart marked with brown dashed arrows.

Bitcoin can continue moving up until it reaches $9900 to $10,000 or higher. Since Bitcoin remains trading above EMA10, it mains its bullish potential.

We mentioned EMA10 in detail in our previous analysis here.

If Bitcoin breaks and closes below EMA10, then you can expect for it to go lower, maybe all the way down to $7,400 - $7,600 (red arrow) price range.

Depending on the strength of the drop, if there are any bears still alive, then Bitcoin can bounce up or consolidate sideways before the next move... This is a bullish scenario.

The bearish scenario we go down all the way to EMA100 ($5900), breaking below this level would be bad news for Bitcoin, but this is the less likely scenario right now.

The market is buying up all the Bitcoin that is being sold on each drop. The trend is clear, Bitcoin continues strong. Its bullish potential remains... BITCOIN CAN GO HIGHER!

Thanks a lot for reading.

Namaste.

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NVT Indicator: We read about the NVT indicator and we can also see the sell signal. Please let's keep in mind that this is only one indicator.

This signal can either playout or it can't, even if the indicator is there and flashing a sell signal, it doesn't necessarily mean that Bitcoin is going to drop, but that it can drop based on certain criteria.

So this is just a signal... Sometimes we see divergence that goes for years before playing out. We see patterns and candles giving out signals that go the other way.

So this is a valid signal, but it doesn't decide what happens next.

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Bitcoin Weekly Update:

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Bitcoin Monthly & The Stock Market Crash