BTC/USD - Preparing for a breakout above $50k?
Bitcoin is in a very interesting pattern here. An ascending trend where we got pushed down several times and each time we made a... higher high and a higher low. This is bullish.
If the pattern is to persist, we will do another higher low and then break out above 50k.
The bullish case is also supported by the 4h indicators.
MACD is about to cross on the positive side after several failed attempts, RSI is neutral, but STOCH RSI is moving higher making us bullish biased.
On daily we have some mixed messages, volume is declining and MACD is losing strength, however RSI looks good.
What does this tell us... we're approaching a decisive moment. Market does feel in a sort of a pause / reflective mood, deciding what to do. BTC will set the trend this time I feel.
For now bias remains bullish so long we maintain this pattern of higher highs and higher lows.
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If the pattern is to persist, we will do another higher low and then break out above 50k.
The bullish case is also supported by the 4h indicators.
MACD is about to cross on the positive side after several failed attempts, RSI is neutral, but STOCH RSI is moving higher making us bullish biased.
On daily we have some mixed messages, volume is declining and MACD is losing strength, however RSI looks good.
What does this tell us... we're approaching a decisive moment. Market does feel in a sort of a pause / reflective mood, deciding what to do. BTC will set the trend this time I feel.
For now bias remains bullish so long we maintain this pattern of higher highs and higher lows.
Like and follow if you liked this idea. Also join my crypto community to stay in touch!
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