BITCOIN Underlying trend-line coming into play.

١٧ يونيو

Bitcoin (BTCUSD) has been holding so far the 1D MA50 (blue trend-line) as Support, which was the primary objective, closing all 1D candles since Friday above it, but now an underlying trend-line is coming to center stage as it got tested also on Friday successfully.

That is the Lower Highs trend-line that started on the March 13 High and rejected BTC on Lower Highs initially, before transitioning to a Lower Lows Support on May 23. If that holds, the chances of a rebound towards the Resistance Zone, are amplified greatly. Practically, as long as the 1D MA50 holds, a bullish signal will emerge when the price breaks above the 4H MA50 (red trend-line), in which case we have a target at 72000 (bottom of Resistance Zone).

If on the other hand BTC closes a 1D candle below the underlying trend-line, prepare for 61000 (top of Support Zone) and potentially a long-term bottom formation on the 1D MA200 (orange trend-line).

Notice that on the previous Bearish Leg (April 08 - May 01) of this 3-month consolidation structure, the price remained bearish as long as it stayed below the 1D MA50. The 4H MA50 never broke to the upside while the price was above the 1D MA50. That is why it will be a bullish signal if it breaks while BTC is above the 1D MA50.

But what do you think will happen next on the short-term? Will we see 72k or 61k first? Feel free to let us know in the comments section below!

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