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 weeks, however, bitcoin could either go over the BMS band and take it as support (in green); or ride the downtrend as support until it bounces again from the 50DMA (in blue).
*(Remember, short-term crypto analysis is highly speculative, the views on this post are not financial advice)
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.
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.