This week bitcoin went up 10%, trending up from $250 to a week high of $ 275. The market exhibited intent this week, moving up strongly on the back of equally convincing volumes.
Looking at this chart from last week’s analysis, the market had to overcome resistance at $250 (4) before moving up higher towards 100 EMA target at $276 (5). Moving average lines are great for targeting resistance and support levels. You can quickly tell how strong a level is by attempts made to break it. Like (1), (2) and (3).
As I write this, price sits right below 100 day EMA line at (5) $268, where resistance is pushing back on it into a consolidation. Price halting at this level is no coincidence. There are multiple indicators why price is consolidating here before a decision on whether more upside will follow.
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