Bitcoin is about to turn neutral again on its 1D technical outlook (RSI = 44.562, MACD = -3343.000, ADX = 34.423) as it is making a big 1W comeback on this week's candle following a nearly perfect touch of the 1W MA50. Every test of the 1W MA50, as well as every test of the S1 1W RSI level, has been a straight buy opportunity inside the Bull Cycle's Channel Up since the very begining of the November 2022 bottom.
As first the price action was concentrated on the lower half of the Channel Up (green zone) but since February 2024 it has been primarily on the upper half (blue zone) as the rallies got more aggressive, with the only exceptions being the 1W MA50 tests such as the current one (green Arcs). Every bottom rebound has increased by at least +98.76%, so that gives us a peak estimate of TP = 150,000. An temprary high around 120k and pullback to 100-90k is a possible scenario based on all previous rallies/ Phases. Phase 4, which should technicall be the final of the Bull Cycle, has just started.
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As first the price action was concentrated on the lower half of the Channel Up (green zone) but since February 2024 it has been primarily on the upper half (blue zone) as the rallies got more aggressive, with the only exceptions being the 1W MA50 tests such as the current one (green Arcs). Every bottom rebound has increased by at least +98.76%, so that gives us a peak estimate of TP = 150,000. An temprary high around 120k and pullback to 100-90k is a possible scenario based on all previous rallies/ Phases. Phase 4, which should technicall be the final of the Bull Cycle, has just started.
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## Comments and likes are greatly appreciated. ##
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Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.