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

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.



Disclaimer!
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.

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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$.

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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.

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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.

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

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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?