Bitcoin recently seems to have gained a little steam, hitting a low around 32k-33k. It broke out of its original channel, but there is still a valid trendline with the top around 45k that it has yet to break out of. We are currently just above the 50D MA, and the 500D MA.
Currently, the price has retraced back down to the 50 Day Moving Average, which aligns with the 50 MA on the 4HR chart:
and the 200MA on the 1HR chart:
There is an area of very strong support just above 30k, drawn with the blue horizontal line. (original chart on top).
Currently, we technically are in a temporary upswing, as the price action has gone above the previous 'high', right before the dip to the lowest low - although this is too close to call. We need a price close above 45k to confirm. If we do break through both the 50D MA, and the 500D MA (41k), we could head as low as 30k, turning this chart into a bullish 'Triple Bottom'. Downtrend possible until March, reversal more likely as we get closer to that date.
Currently, the price has retraced back down to the 50 Day Moving Average, which aligns with the 50 MA on the 4HR chart:
and the 200MA on the 1HR chart:
There is an area of very strong support just above 30k, drawn with the blue horizontal line. (original chart on top).
Currently, we technically are in a temporary upswing, as the price action has gone above the previous 'high', right before the dip to the lowest low - although this is too close to call. We need a price close above 45k to confirm. If we do break through both the 50D MA, and the 500D MA (41k), we could head as low as 30k, turning this chart into a bullish 'Triple Bottom'. Downtrend possible until March, reversal more likely as we get closer to that date.
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Bitcoin still holding steady above the 50 Day Moving Average:
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Bitcoin now testing the upper trendline:
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Finally testing last upper trendline in our downward channel! If we can break free from this, we will officially have a breakout confirmation. Must close above..
