For bitcoin we can see that the daily moving average has been respected many times. As for as the ascending black trendline goes, sometimes corrections get bigger and go beyond trendlines. For this, I'm looking at the daily moving average as it holds more value.
Also, the correction we're in looks like an ABC parallel bull flag. Keeping a close eye on this!
Agree with the bull flag, using the chart with a logarithmic scale puts the current local low on the lower parallel channel. To add fundamentals, According to an article by coin telegraph 12 days ago they had the average bull price for expiring contracts at $50624 which happened to be very close to the local low just wicking below this value. These expire 4pm GMT today (26th) and the closer it get the less pressure downwards on the price in my opinion. Should hopefully like every last Friday of the month (options expiry) see a slight increase after expiration over the weekend while confidence builds followed by an explosive increase in price Monday. Add into that a new financial year for many countries starting April and I think the outlook for the bulls is a good one. Could see a push over the next 3 weeks of up to 70-80% based on the previous run in January.