BITCOIN The Channel Up is holding perfectly. $26300 next Target.Bitcoin (BTCUSD) completed a strong drop yesterday on session's close but that technically reached the bottom (Higher Lows trend-line) of its 1.5 month Channel Up pattern. As with the previous Higher Low drop, the price completed a -12% decline. The 4H RSI is replicating a similar pattern to that previous drop and broke below the 30.00 oversold barrier as it did on February 09.
** Death Cross and rise to $26300 **
A slightly more drop is possible to make a perfect touch on the Channel's bottom but if you see the 4H RSI rising, that would be a sign of buying accumulation at the bottom. On February 14, a 4H Death Cross sealed the bottom and was the last Buy Signal before the +18.25% rally to the Channel's top (Higher Highs trend-line). We are probably half a day before a new 4H Death Cross, thus we are already buying in expectation of a new +18.25% Higher High rise. Our medium-term Target is 26300.
** The importance of the 1W MA50 **
However we will keep an eye on the 1W MA50 (red trend-line) which is key for Bitcoin on the long-term. If the price fails to close a 1W candle above it, much like it did in mid-February, we will book the profit earlier and consider a pattern change.
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