BITCOIN Retesting the 1D MA50. Is it alarming?
Bitcoin (BTCUSD) has been practically consolidating since the May 21 High and the recent pull-back of the past 5 days is starting to inflict a certain degree of fear in the market again. So far the effect is only on the short-term as yesterday, the 1D MA50 (blue trend-line) was tested (first time since May 17) and held.
This is something we have seen before on February 06 2024 and October 14 2023. All 1D MA50 re-testings have taken place after the price broke below the 1D MA50 (blue arc) and formed the bottom of the Bearish Leg. The pattern can be easily classified into phases, with BTC trading within the Mayer Multiple Bands (MMB) Mean and the MMB 2SD below. A Channel Up follows after each 1D MA50 test that approaches the MMB.
The only parameter that's left to confirm the start of this (blue) Channel Up that will test the MMB is the 1W RSI to break above its MA level (yellow trend-line). As you can see 100k following that, is a rather conservative technical Target within this pattern.
Do you think that critical psychological level will get hit following this pattern? Feel free to let us know in the comments section below!
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This is something we have seen before on February 06 2024 and October 14 2023. All 1D MA50 re-testings have taken place after the price broke below the 1D MA50 (blue arc) and formed the bottom of the Bearish Leg. The pattern can be easily classified into phases, with BTC trading within the Mayer Multiple Bands (MMB) Mean and the MMB 2SD below. A Channel Up follows after each 1D MA50 test that approaches the MMB.
The only parameter that's left to confirm the start of this (blue) Channel Up that will test the MMB is the 1W RSI to break above its MA level (yellow trend-line). As you can see 100k following that, is a rather conservative technical Target within this pattern.
Do you think that critical psychological level will get hit following this pattern? Feel free to let us know in the comments section below!
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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