-20MA has acted as support since the bottom in July
-Price has formed a curve which shows breakout in 1 week or less
Bitcoin has been having trouble tackling the $50,000 mark over the last 2 weeks. After prices surged off the bottom of $29,000, BTC managed to rise nearly 75% in less than a month. Since then, BTC has been steady within a $5,000 range which has allowed many alt coins to surge past their ATHs. The overall market is still showing signs as many investors are anticipating a push over $50,000 to happen fairly soon. On the , BTC looks overextended but this does not negate the possibility of a surge to $55,000 before a larger pullback occurs.
As BTC has risen over the last month, each top it has put in has became less parabolic. This price action has formed a curved top along with a curved bottom over the past 35 days (shown in black). The end of this formation is within a week & BTC is expected to have a large breakout sometime before then. It is hard to say whether this Is a or but we can use each curve as a reference. BTC must break & hold the major found at $48,000-$50,200 to experience a large push to the upside. In the case bulls manage to pull this off, expect BTC to reach $53,300 & potentially $56,530.
Throughout this , BTC has been held up by the 20 day MA. This MA has kept Bitcoin from starting a downtrend as bulls have fiercely bought each time price has reached it. We can use this MA as a good reference to whether BTC remains or is entering a state. If bulls fail to break the major & break below the curved formation, we should expect BTC to break below this MA. If this occurs, BTC will then be in a confirmed bear trend & we should expect prices to land between $42,000-$44,700.
While looking at the , we can see how strength has continued to print lower highs despite price printing higher highs. This is considered a divergence & would land BTC back below $45,000 if it plays out. Strength must break over the to negate this possibility. Looking at the , we can see a channel formation has kept strength going sideways the past few weeks. Strength must break the top trend of this channel for BTC to have a shot at reaching mid $50,000s.
BTC Intraday Analysis
Spot rate: $48635
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