Having a closer look at Bitcoin we can see that the Daily seems to be looking more bullish by the day, we are currently in an ascending triangle pattern which tend to breakup more times than they breakdown. lets see if this time it’s any different.

Here’s the confluences for a bullish bias;

Bitcoin found support at the weekly fibonacci .702 where it has been tested several times. Confirming the significance @ 37.2K

EMA’s haven’t crossed over yet but they are turning upwards which is bullish , additionally We have had daily closes above both the fibonacci .618 and the EMA’s

The 55 EMA has been tested as support and held twice.

We also have a descending trendline intact since 27th December, it has had one fake out and currently has had a breakout and retest;
Technical target = 59K if this plays out – For this target to be intact we need to see a close above the next resistance zone between 44.2K – 45.8K
I’m expecting some resistance at this level and then a possible EMA crossover acting as support to push price through these levels.

Here’s the bearish bias;

If 45.8K holds I expect the fib levels to be tested, if they fail next major support is at 31K weekly support

Have a great day, appreciate you taking the time to check out my TA. Please comments are open, lets discuss 🙂

Cheers,
Prince

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