BITCOIN is past Danger No1. Important test on the 4H MA200.

Bitcoin has created a Channel Up formation on the 4H chart and is currently neutral, supported on the Higher Low it made at 5670 but at the same time limited below the 6940 Resistance made by the Higher High on March 20th.


** The March 01 - 07 fractal **
So far it has successfully passed the hurdle of the MA50 where as I said above it made the Higher Low of the Channel Up. I have cited this as "Danger No1" because last time we had the same pattern (Channe Up) testing the MA50 on the 4H chart as a Higher Low (the March 01 - 07 fractal), it failed to hold and the price crashed.

As you see until that point, the LMACD was similar but on the current Channel Up, it is just about to make a Bullich Cross. However until the previous Higher High (and current Resistance) of 6940 breaks, Bitcoin will be neutral inside the displayed Triangle.


** Next test: the 4H MA200 **
So what is the next benchmark for BTCUSD? That has to be the MA200 which on the March 01-07 fractal failed to make contact with. In fact last time the price touched this trend line was almost 1 month ago in February 25th. It goes without saying that a test of the MA200 is extremely important for a potential bullish break-out and if broken we can say with relative safety that the bullish bias are back and strengthened ahead of the Halving in May.


What do you think? Is the 4H MA200 the most important test for Bitcoin currently? Let me know in the comments section!

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