BITCOIN above the 1D MA50 after 1 month!

16 juil.

Bitcoin (BTCUSD) broke yesterday above its 1D MA50 (blue trend-line) for the first time after 1 month (since June 18). It even closed the 1D candle above it, showcasing enormous buying pressure on the short-term.

That is within the 4-month Channel Down pattern, whose 3rd Bullish Leg started after bottoming (Lower Low) on July 05. The 1st Bullish Leg was +24.30%, the second was +27.30% (3% higher), so assuming this is a progression, we can expect the current Bullish Leg to be +30.30%.

We are aiming for $69500, slightly below the +30.30% mark. We will have a long-term bullish confirmation once BTC breaks above March's Resistance Zone.

Do you think it will? Feel free to let us know in the comments section below!

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