Please note: the "extrapolated" lines are just a qualitative best-fit and not the result of any calculation. The brown 200 MA is traced by me as non-pros are only allowed 3 indicators per chart.
Basically if we are rejected at this crucial 50 MA (meaning failure to close above either today or tomorrow) I think we must go down and re-test the 200 MA. This will be the best place for longs to look for a buy-in.
A note of caution. If the blue 20 MA crosses down over the 200 MA it's Bear Town for us. Expect a pro-longed bear market in that case, which could see as plumbing very low depths indeed. LOL
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Thanx to ttt4567 for pointing out an alternative Head and Shoulders scenario
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After having formed a triple top at wave 4 of 5, I'm thinking there may well be a double top here BTC. This is the fractal nature of Nature, ever creative but using just a limited number of building blocks. Keep an eye out. A double top will put an end to all your long positions.
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BTC just broke 11.5, good boy! I think we are in wave 5 of wave 3. So once we top out assume correction wave 4.
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I would revise just in case anyway actually uses this for trading advice. Although in theory the price should retest the 20 MA at around 9000, this uptrend is very bullish also there's a possible inverse head and shoulders. So the price may well not get that far. Play it by eye and check other people's TA ;)
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Im assuming ABC correction. I believ we are still in wave A and I expect a retest of the 20 dMA. In general the daily chart is bullish imo. The 4h looks bearish, which means it won't be over today.
Thanx to @ttt4567 for pointing out an alternative Head and Shoulders scenario I think this will be tested first, if wedon't get support then it's back down to the 8000s