Bitcoin (BTCUSD) got rejected yesterday on the 4H MA50 (blue trend-line) and fear seems to be returning to the market for no particular reason. The price is above both the 4H MA200 (orange trend-line) and more importantly the 1D MA50 (red trend-line), which is the long-term Support during bull runs.
The STOCH RSI on the 1D time-frame made a Bullish Cross inside its oversold Support Zone and the last time we had a similar occurence was on December 20. That was again with the price below the 4H MA50. It consolidated until December 30 after which Higher Highs/ Higher Lows started, until the Parabolic Rise of January.
The Bars Pattern of December - early January fits very well the price action from January 20 until today. In fact it matches perfectly a projected contact with the 1D MA50 (which as mentioned is the long-term Support) and timing a January-like rally ideally.
A +30% rally from yesterday's low gives a medium-term target of $29000. Would you agree?