Long

BITCOIN: W-shaped recovery targeting Resistance at 68k.

6 days ago

Bitcoin is almost overbought on the 1H time-frame due to the current buying pressure but on the 1D chart it remains borderline neutral (RSI = 53.457, MACD = -719.220, ADX = 22.714) suggesting that this rally should technically still have some momentum behind it. The first notable Resistance is the 1D MA50, which should be tested today, but in our opinion will break as it seems that the prevailing pattern since the July High is a W-shaped recovery.

In addition the market has formed a Triple Bottom Zone on the July 5th, August 5th and September 6th Lows, a quite interesting feat as there is a 1 month gap between each. That favors the development of the last part of the W-shaped recovery. Once a 1D candle closes over the 1D MA50, we don't expect any Resistance until the LH Zone. Our target is at the bottom of that zone (TP = 68,000).

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