Bitcoin (BTCUSD) is having so far its strongest correction (almost -15%) in 2 months (since the January 23 2024 Low) with the 1D RSI turning neutral (was overbought last week) after forming Lower Highs (i.e. a Bearish Divergence).
The dominant pattern is still a Channel Up, supported by the 1D MA50 (blue trend-line) and last time we saw such an RSI Bearish Divergence was during the previous Channel Up (October 13 2023 - January 11 2024) but turned out to be false and the trend continued upwards. This time though the pull-back appears to be stronger, similar to January 12 2024, which broke the previous Channel Up and made a bearish move towards the 0.382 Fibonacci retracement level.
As a result we are looking for a pull-back extension near Support 1 (59500) and the 0.382 Fib, which is marginally below it, where the 1D MA50 is headed. This is the strongest Support Cluster possible on the short-term and if it holds, the bullish trend of the Channel Up should be maintained and the potential rebound can target $90000 around the time of the Halving. If however the price closes a 1D candle below the 0.382 Fib, we will be looking towards a 1D MA200 (orange trend-line) test around 45000, before the bullish trend is resumed.
Notice also that technically the 44.90 - 36.00 1D RSI Support Zone has been a buy opportunity since for the past 6 months.
Feel free to let us know in the comments section below!
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Very good as always. I agree with a rebound around 59-60k. There is a strong support zone.
salimi2000
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Keep up the good work! 💪
prefabsprout
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"BITCOIN Will 60k hold?"
no.
without_worries
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@prefabsprout, It was at this moment the bears realised they flocked up.
prefabsprout
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@without_worries, no. it's just stop hunting both ways. headed right back down again. lower high was made. not good.
CBKWahoo
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This TP selling round is most likely from people that got trapped buying the previous nov 21 ATH and had to hold this long to be in profit, just my 2 cents. BTC ETF approvals, supply shock and after halving parabola should be epic!
MyCryptoParadise_Nathan
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I think it will consolidate to trap newbies & then start showing a small bearish move then we can expect new highs on HALVING.