The BTCUSD chart displays a robust bullish trend over recent weeks, marked by consistent higher highs and higher lows—a classic bullish pattern. Notably, the 50-day EMA has proven itself as reliable pullback support, reinforcing positive sentiment among the bulls. With the price currently positioned above the EMA, it signals prevailing control by the bulls.
Fibonacci retracement levels underscore potential targets, the initial resistance rests at the 161.8% Fibonacci retracement level, approximately at 46,660 USD, where bulls might consider taking profits. Extending the Fibonacci levels, the 261.8% level emerges as the next target around 50,200 USD. These levels serve as significant milestones for the bulls to aim for.
The earlier bullish ABCD pattern on the chart indicated a continuation of the uptrend, further bolstering confidence in the positive outlook.
Considering these factors, it is evident that the bulls maintain control of the short-term BTCUSD market. The price is expected to sustain its upward momentum, targeting the initial resistance at 46,600 USD. In the event of a breakthrough, attention may shift towards the 261.8% Fibonacci retracement level at 50,200 USD.
Fibonacci retracement levels underscore potential targets, the initial resistance rests at the 161.8% Fibonacci retracement level, approximately at 46,660 USD, where bulls might consider taking profits. Extending the Fibonacci levels, the 261.8% level emerges as the next target around 50,200 USD. These levels serve as significant milestones for the bulls to aim for.
The earlier bullish ABCD pattern on the chart indicated a continuation of the uptrend, further bolstering confidence in the positive outlook.
Considering these factors, it is evident that the bulls maintain control of the short-term BTCUSD market. The price is expected to sustain its upward momentum, targeting the initial resistance at 46,600 USD. In the event of a breakthrough, attention may shift towards the 261.8% Fibonacci retracement level at 50,200 USD.