BTCUSD: Will pull back if it closes under the 4H MA50.

BTCUSD is inside a monthly Triangle pattern with 4H technicals turning neutral (RSI = 48.016, MACD = 238.400, ADX = 31.451) after failing to break above it and making a Double Top (DT). Both previous Highs have been on DT formations, therefore it is highly likely this is one as well. It will be confirmed if today closes under the 4H MA50.

The 4H MACD has a clear Buy Zone under 0. Excluding the Silicon Valley Bank aggressive decline, both previous pull backs have been of the same magnitude (around -12%). Depending on how aggressive the 4H MA50 break might be, we may see this correction extend to the 1D MA50 but we doubt under the current fundamentals it can go any lower. Next TP = 30,000.


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