Bitcoin Offering Bullish Momentum Amidst Bearish Sentiment
Bitcoin is finally offered some bullish breathing room after being suppressed at the bottom of the range at the $30k region for an extended period. We formed a double bottom at the .786 fib at $29,250 and then rallying above the .618 fib at $36,877 making a local high at $40,900.
We are still in the accumulation zone until we have breached $42,000.
Additionally, BTC is well above the 50 DMA as of current & looking to tag the 200 DMA at $44,800.
The W pattern on this daily chart could offer a second bullish leg if the .618 fib proves to be strong support around the $36,877 level.
Short term targets are the .5 & .382 fibs at $42,230 & $47,580 respectfully.
We are still in the accumulation zone until we have breached $42,000.
Additionally, BTC is well above the 50 DMA as of current & looking to tag the 200 DMA at $44,800.
The W pattern on this daily chart could offer a second bullish leg if the .618 fib proves to be strong support around the $36,877 level.
Short term targets are the .5 & .382 fibs at $42,230 & $47,580 respectfully.