Bitcoin: Bulls Are Coming back! 50 000$ as New Target!

BINANCE:BTCUSDT   Bitcoin / TetherUS
The support at 30 000$ played its role perfectly. We could see several failed attempts to break the support and move downward toward 20 000$, but bears were not strong enough to do it. The price bounces from 30 000$, gave us several interesting bullish patterns in the hourly timeframes and moved upward. What's next?

Let's look at the daily timeframe and try to understand the further market movement.

First of all, we have to note the following important facts:
- the price bounced from the support zone formed by 30 000$ and SMA50
- RSI confirmed the price reversal, and it is a bullish signal
- MACD histogram confirmed the price reversal, and it is a bullish signal
- the price broke the local downtrend line, and it is a solid bullish signal
- MACD histogram is supporting a further upward movement
- a solid bullish candle breaking SMA20 tells us that bulls are in control of the price.

All these signals confirm that the price will be able to reach the ATH and even update it. If so, we can search for bullish setups using the hourly and minutes timeframes as they will be able to give good risk-reward for long trades.

If the price breaks the ATH , I think 50 000$ will become the perfect target for the medium term.

The alternative is:
- the price doesn't reach 42 000$, and we have a reversal
- the price moves back to 30 000$
- the price breaks 30 000$ support and SMA50

I don't think we will see something like that, but we shouldn't forget that the market can do everything.

This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Comment: The close price of the daily candle as well as a new daily candle will give us very important information. It will be able to support the further upward movement or tell us about the continuation of the sideways movement above 30 000$.
Comment: The close price is above the local downtrend line and it confirms the breakout and gives a bullish signal. MACD is supporting the upward movement.

If the close price was at 38 000$, the market would be more bullish. Now, we have a situation when the price can move sideways around 34 000$.

SMA20 is the nearest resistance and the market needs a new breakout above this line.

Comment: The Bullish Model is active! Wait for WSB, when come and pump Bitcoin to the Moon!
Comment: Interesting fact, when I write about a downward movement, many people say that I'm wrong and the market will move upward. When I write about a possible upward movement, many people say that I'm wrong and the market will move downward.

The conclusion is the following: it doesn't matter what I write, I will be wrong anyway. The question is, should I write anything here? I'm not sure.
Comment: The price is moving sideways. If we look at the 1H chart, we have o watch for the price action at SMA200 and the broken downtrend line. If the price bounces, we will be able to see a new upward movement. If the price breaks it, probably we will see 30 000$ again. But this downward movement won't be able to break the bullish model in the daily timeframe. So, the market stays bullish and the whole bullish idea is workable.

Comment: Watch for the price action at 32 000$. If the support can hold the price, it will be a new trade opportunity.

Comment: The market is moving upward as we discussed before. Now we have to watch for the price action at 38 000$. The breakout will push the price toward the ATH.

MACD and RSI are bullish and are supporting the further upward movement.

Comment: May we say that the price reached the target?
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Hi Lavrov.
I have been following you for Years. It should not matter what others say, because no body can expect to have every mind thinking
100 coins
+8 Reply
Personally, the retraction or rejection from 38k and the close of the day on a pin bar indicates how aggressively present the bears still are in the market. This huge downward move could trigger a refreshment to the downward moment. I saw a 20k bounce before continuing up but after yesterday’s Elon Musk’s influenced btc move, we could see btc fall even lower then 20k. I have never seen a price action like the one that happened yesterday on the 4H candle when up. Like someone said here, there are no bulls in the market, it’s just Elon that triggered a moment
+10 Reply
btcinvests HenryHenry
@HenryHenry, right!!!
+1 Reply
neofx11 HenryHenry
@HenryHenry, oh yeah?? Then how in the fuck did I know we were bottoming out and headed to $50,000 three weeks ago while your boy here was still waiting for $20k btc?? Lol

The technicals had already priced that in!

There are no buyers in the market??

This is the Most ridiculous thing I’ve heard in days.

thanks for sharing but see my idea
+10 Reply
xcg Babenski
@Babenski, yep thats it ..typical false breakout ...dead cat bounce
Kjakail Babenski
@Babenski, I have exactly the same thing
i would be carefull. my current view... lets see. not enough volume for a real breakout imo.

+10 Reply
Jad-87 btcinvests
@btcinvests, be careful indeed... views are just views... after yesterday "adoption" from Musk, some lines on a chart won't be enough to tell the full tale... just follow the price action.

so far with all FUD and "over extension" from 20K, still holding 30K... 50% above previous ATH....

Quite bullish still...

Yesterday's wick was knee jerk reaction of the market... might slowly grind up to fill the wick
+3 Reply
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