- May 11, 2023
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
Bitcoin (BTCUSD) has been trading below the 1D MA50 (blue trend-line) for the 4th straight day, inside this 4 month Channel Up. We have spotted a similar Channel Up pattern from May to October 2020.
This started a rally after two conditions were met: the 1D RSI hit 35.00 and the price broke below the 1D MA100 (green trend-line) to form a bottom on the Channel’s Higher Low. After the 1D MA50 broke again, it started a relentless rally.
Are you waiting for a buy near that level and if so are you expecting an aggressive rally afterwards? Feel free to let us know in the comments section below!