Here we have GoChain (GOBTC), let's analyze the EMAs.
First, GOBTC conquered EMA100/50 and reached all the way above EMA300 to finally drop.
As one level is conquered, it is always tested again as support.
Now we have GOBTC testing EMA100/50... If prices hold, we can see resumed growth.
But if instead, GOBTC can't go ahead, we will see a drop before its price can continue to increase.
If prices drop, we still remain bullish after... but why?
Because the altcoins market is bullish.
GOBTC just came out of a low.
Since most of the weak hands have been shaken out, there is no need to back.
Also, Bitcoin (BTCUSD) can continue sideways or drop... If Bitcoin drops, more money will flow to the altcoins supporting the bullish action we've been seeing going on. If Bitcoin goes up, the altcoins will surely retrace but as soon as Bitcoin takes a break, they will come back and show even more strength.