Bitcoin Megatrend MAs are turning bullish
|BTC/USD technical analysis
-
Bullish SHS pattern variant.
-
Rounded bottom.
-
Quarterly and Monthly support.
-
First TP 18000-18800.
MEGATREND MAs: Neutral
D1 chart BTC/USD
-
Bullish double bottom.
-
Bullish SHS variant.
-
Entry zone.
-
Target.
The BTC/USD is in retracement mode. Crypto winter is not over yet but we see signs of zone protection and consolidation. I am bullish on BTC/USD.
Citing the source “the global cryptocurrency market cap was trading mildly higher around $866 billion, gaining as much as 2% in the last 24 hours. The total trading volume jumped about 9% to $33.10 billion.”
This is bullish in all aspects as we can also confirm with TA. 1600-16500 is the zone where we can see the bounce and a signal for a possible retracement. MEGATREND MAs are slowly turning bullish and if the price makes a close above 17000 this week we should have a move to the upside, possibly to the TP zone. Q L3 stands in the way 17467 zone but we might see a volatility kick and stop grab above this level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.