BITCOIN Closed above 1D MA50 for the first time in 2 months!
Bitcoin (BTCUSD) has closed a 1D candle and is now comfortably trading above its 1D MA50 (blue trend-line) for the first time in 2 months (since November 07 2022), turning it into a Support.
The pattern since the August 15 High is a Channel Down, within a Falling Wedge (since the June 18 2022 Low). Having lasted for almost 6 months, this can be viewed as a huge accumulation zone. In any case, there are certain fully distinct formation within this pattern.
The price action since the FTX crash started on November 06, is quite similar to that since the August 15 High. As you see both peaked on a (red) Channel, made their fist fake-out above the 1D MA50 on the (red) circle, second on the (red) Flag and the price is now back above it as it was on October 25/26, potentially forming the final Channel that will test the top (Lower Highs trend-line) of the Channel Down. There is also an inner Lower Highs trend-line involved (dashed).
The 1D RSI is also repeating a similar pattern. So where do we stand now? Well a break below the 1D MA50, or even more accurately the Internal (dotted) Higher Lows trend-line) should be bearish targeting the 15500 Support (November 21 Low) or even a Lower Low on the Falling Wedge's bottom.
On the upside, a break above the top of the Channel Down/ Wedge, is the first bullish sign but we won't consider it confirmed on its own. Ideally we want to see a closing above the 1D MA200 (orange trend-line), which has been unbroken since 2021 (December 31), in order to justify a long-term bullish reversal. In that case, potential targets in succession will be the Fibonacci retracement levels, which as you see since the June Low, align (almost) perfectly with Support and Resistance levels.
What do you think will happen next? Do you expect BTC to break again below the 1D MA50 or hold it and finally test the 1D MA200 first? Feel free to let me know in the comments section below!
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The pattern since the August 15 High is a Channel Down, within a Falling Wedge (since the June 18 2022 Low). Having lasted for almost 6 months, this can be viewed as a huge accumulation zone. In any case, there are certain fully distinct formation within this pattern.
The price action since the FTX crash started on November 06, is quite similar to that since the August 15 High. As you see both peaked on a (red) Channel, made their fist fake-out above the 1D MA50 on the (red) circle, second on the (red) Flag and the price is now back above it as it was on October 25/26, potentially forming the final Channel that will test the top (Lower Highs trend-line) of the Channel Down. There is also an inner Lower Highs trend-line involved (dashed).
The 1D RSI is also repeating a similar pattern. So where do we stand now? Well a break below the 1D MA50, or even more accurately the Internal (dotted) Higher Lows trend-line) should be bearish targeting the 15500 Support (November 21 Low) or even a Lower Low on the Falling Wedge's bottom.
On the upside, a break above the top of the Channel Down/ Wedge, is the first bullish sign but we won't consider it confirmed on its own. Ideally we want to see a closing above the 1D MA200 (orange trend-line), which has been unbroken since 2021 (December 31), in order to justify a long-term bullish reversal. In that case, potential targets in succession will be the Fibonacci retracement levels, which as you see since the June Low, align (almost) perfectly with Support and Resistance levels.
What do you think will happen next? Do you expect BTC to break again below the 1D MA50 or hold it and finally test the 1D MA200 first? Feel free to let me know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
-------------------------------------------------------------------------------
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🤵Contact info@tradingshot.com t.me/tradingshot
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