- May 17, 2023
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
Bitcoin (BTCUSD) is trading again back towards its 1D MA100 (green trend-line) after rebounding on it a few days ago. This is a minor bearish signal on the short-term as the previous hit and pump on the 1D MA100 (March 09) delivered a massive rebound instantly.
The 1D RSI however shows that the bottom is closer than we think, if it’s Higher Lows trend-line holds once more. The (a-b-c) structure of the current leg is similar to February – March. Price-wise both where on Megaphone patterns that broke for a short while to the 1D MA100. It remains to be seen if this provides Support again.
The buy confirmation will be a 1D candle close above the 1D MA50 (blue trend-line). If it does, given that the last two rallies where over +50%, we are looking at at least a $38000 target.
So are you buying this pull-back? Feel free to let us know in the comments section below!