Bitcoin Looking to Move Higher [Bitcoin Price Update 2/16/2018]

Bitcoin looks to move higher after sideways consolidation around the $10,000 level. The daily 34 EMA has capped the rally, but a move through that moving average will target the daily 89 SMA at $12,380.

Daily Chart

34 EMA: $10,150
89 SMA: $12,380

The daily chart still has weaknesses in that the fast 34 EMA trades below the slow 89 SMA and BTCUSD trades below both moving averages. However, the bounce from $6,000 has gained traction, and Bitcoin looks to break higher towards its 89 SMA near $12,380.

4-Hour Chart

34 EMA: $9,250
89 SMA: $8,510

The bullish 4-hour chart shows Bitcoin consolidating above its 34 EMA and just under $10,000. The base resembles a flat base, and Bitcoin could push higher from here. Support comes in at the 34 EMA at $9,250.

DISCLAIMER

This post is for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action.

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