It has noticeably recovered from its lows in the past few weeks. From a technical chart point of view, a continuation of the rally initially has the potential for price gains to USD 60,000. But the correction is still in full swing. Where the journey goes at short notice is decided by the USD 47,000 mark.
Uptrend has potential to $ 60,000
Since successfully defending support in the $ 29,000 area, the largest cryptocurrency has appreciated significantly in value. In the meantime, Bitcoin was again trading above the USD 50,400 mark. From a technical point of view, that’s not the only good news, though. Because the significant price increase broke the previous downtrend on the one hand and formed a direction-leading upward trend on the other.
If this continues with prices above the interim high of a good 50,440 USD, the medium-term chances of testing the sales level at 59,500 USD are good. For a timely breakout to the top of the chart, a direct defense of the swing area at USD 47,000 would be desirable. If that mark falls, a test of the small raised floor at $ 43,800 is up for debate.
Those are the short term goals
Anyone looking for short-term trading setups in Bitcoin will find what they are looking for in the subordinate trend curve. Both on the top and bottom of the chart there are interesting starting points that are worthwhile for predictable profit-taking. Long setups are justified when prices rise above the small resistance at USD 49,340. This completes the correction of the 4-hour trend and increases the chances of further increases above the intermediate high at USD 50,440 to the higher sales areas at USD 51,500, USD 53,400 and USD 57,900, respectively.
In the case of prices below the mark of USD 46,280, however, the selling pressure increases and the signs rather point to an extension of the regressive phase. The first price target in this scenario is the one mentioned above twice
tested support at $ 43,800 on the agenda. If the prices do not stop here, the buy area at USD 41,000 should provide orientation next.
I wish you successful trading
you Mike Seidl
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