Bitcoin has just broken the current weekly and monthly downtrend channels after bouncing on the 50DMA for the second time this year. Previously in this cycle, similar bounces took us to 70% and 65% value increases, and given the current value, replicating this could mean a rally to 75K by mid-February.
Depending on the momentum BTC gains over the following...
Bitcoin seems unable to hold the 8w SMA (at 59K) as support. This will probably pull the valuation down to the BMS to test the structure of the market. If the BMS holds, we might have a great buying opportunity at 52K with a risk of .3. If it doesn't, we'll have to reevaluate the bullishness of the market.
