Near term Bitcoin likely to get some wings – Bullish Butterfly with initial target around 41k. Description of chart below:

– yellow zone would complete butterfly harmonic , expect liftoff from there
– green zone is initial 1.618 target range
– red horizontal line is 3 standard dev. under the displacement of the proportional differences between 9 day s.m.a and price vs. 9 day s.m.a and 20 day s.m.a which is acting as a local over-extension to the down side relative to recent peak around 48k
– down-sloping green line is channel support that it recently fell out of – this is the channel that began end of march
– orange horizontal line is an old price support level

Lets see if the momentum from a leg up off this pattern can get it back above that support – if so I can see it continuing to around 50k before the inevitable drop to complete the bigger bullish harmonic at the weekly level.

Not Financial Advice.