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

Chart

  1. Bullish double bottom.

  2. Bullish SHS variant.

  3. Entry zone.

  4. 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.

The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.

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