Bitcoin did something very important today with the moving averages crossing to the upside of the the 200EMA. A lot of casual traders will be looking at Bitcoin now that it does not look like it is going to zero anymore. If the Bitcoin bulls can keep this momentum going a lot of big money will be entering soon.
The 2 main points to consider moving forward is this break above the 200EMA holding. The next being a breakout above roughly $300 and that holding, this would confirm a breakout above the year long triple top structure. After that the upside can only be stopped by over zealous bears.
Something to consider in both of the key price breaches is the “throwback. After price breaks a key resistance it runs up and then retraces. If that retrace holds and the uptrend continues then that throw back is the last good entry and confirmation of the resumption of the uptrend. There has been no strong sell signal since the 1W candle reversal signal at $234 that we published a few weeks ago.
Chart is powered by the SCMR Trends Analysis Suite on Tradingview.com