Bitcoin Price Prediction: BTC prepares for a 30% jump inside bullish chart pattern


  • BTC/USD eases from intraday top after bouncing off three-week low.
  • Falling wedge, corrective pullback from 200-bar SMA favor buyers.
  • Bears can eye for early February tops during further weakness.

BTC/USD drops from the intraday high near $46,000 to currently around $45,100 during early Monday. Even so, the crypto major keeps bounce off 200-bar SMA, marked during the weekend, while also staying inside a bullish chart pattern on the four-hour play.

Normal RSI conditions also back the BTC/USD towards confirming the short-term falling wedge bullish formation by clearing the $46,500 hurdle.

However, a convergence of 100-bar SMA and previous support line from January 27, near $50,100-400, should test the Bitcoin buyers ahead of directing them to $55,000 during the ultimate ride to refresh the record high of $58,355.

Meanwhile, a downside break of 200-bar SMA, currently around $44,000, needs to defy the bullish chart pattern by declining below $43,100, to extend the BTC/USD south-run towards February 06 high near $41,000.

It should be noted that $42,500 is likely an intermediate halt during the downturn whereas the $40,000 becomes an extra filter to watch.

Overall, BTC/USD bears seem tiring and a bullish chart pattern, coupled with a corrective pullback from the 200-bar SMA, suggests recovery moves.

BTC/USD four-hour chart

Trend: Further recovery expected

additional important levels

Overview
Today last price 45375.38
Today Daily Change -800.76
Today Daily Change % -1.73%
Today daily open 46176.14
 
Trends
Daily SMA20 49588.98
Daily SMA50 41033.5
Daily SMA100 32131.83
Daily SMA200 22166.69
 
Levels
Previous Daily High 48355.94
Previous Daily Low 45050.73
Previous Weekly High 58355.76
Previous Weekly Low 44149.17
Previous Monthly High 41987.21
Previous Monthly Low 27772
Daily Fibonacci 38.2% 46313.32
Daily Fibonacci 61.8% 47093.35
Daily Pivot Point S1 44699.27
Daily Pivot Point S2 43222.4
Daily Pivot Point S3 41394.07
Daily Pivot Point R1 48004.47
Daily Pivot Point R2 49832.81
Daily Pivot Point R3 51309.68

 

 

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