At this point I don't believe we are returning to 20 week MA just yet. I think bitcoin has got another kick in it before a bigger correction.
We can see Bitcoin forming a big wedge on the hourly timeframe. There are two scenarios, but bitcoin is at it's all time highs, so it has more support below than resistance above, so I'm quite positive it will break to the upside.
I personally think that we will get rejected again at the resistance line, and test support again before breaking out. If we break out we must break trough the ATH at around 40 000$, but as it hasn't been an ATH for long and seeing how we broke trough 20k I really don't think we will get rejected at it. According to the wedge target, bitcoin should hit around 51 500$. But in reality I think we will get rejected at 50k, as it is a big psychological level. So I will probably take my profits just below 50k.
We can see Bitcoin forming a big wedge on the hourly timeframe. There are two scenarios, but bitcoin is at it's all time highs, so it has more support below than resistance above, so I'm quite positive it will break to the upside.
I personally think that we will get rejected again at the resistance line, and test support again before breaking out. If we break out we must break trough the ATH at around 40 000$, but as it hasn't been an ATH for long and seeing how we broke trough 20k I really don't think we will get rejected at it. According to the wedge target, bitcoin should hit around 51 500$. But in reality I think we will get rejected at 50k, as it is a big psychological level. So I will probably take my profits just below 50k.