The recent drop of 28% of BTC is really good for a bull run in middle term. It clears out weak hands, makes new fomos hold so we can see BTC get higher.
Now this chart is very interesting to take a look. On 4h time frame, there is an ascending triangle which is about to be broken up. Someone has said this is more likely a bear flag but it's not the case because of the prices has retrace more than 50% of the drop from the swing high.
Besides, price is being under the 50 MA, which usually acts as dynamic support when BTC goes up (red circles). So if BTC can break up and close above these levels with a decent volume, it will confirm a new higher high to mark that the down trend is over. If this happens, the recent ATH at around 42000 is the first target.
Note: if you like this content, don't forget to give it a like and follow me for upcoming analysis
Now this chart is very interesting to take a look. On 4h time frame, there is an ascending triangle which is about to be broken up. Someone has said this is more likely a bear flag but it's not the case because of the prices has retrace more than 50% of the drop from the swing high.
Besides, price is being under the 50 MA, which usually acts as dynamic support when BTC goes up (red circles). So if BTC can break up and close above these levels with a decent volume, it will confirm a new higher high to mark that the down trend is over. If this happens, the recent ATH at around 42000 is the first target.
Note: if you like this content, don't forget to give it a like and follow me for upcoming analysis
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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.