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Bitcoin is recovering and completing a failed swing bottom
rallied today and broke through the $45,050 mark marked by the September 24 high, completing a complex swing bottom formation. In our view, today's rise has turned the near-term outlook positive again. We believe the bulls could soon challenge the $48,415 area marked by the September 15th and 16th highs, but they may decide to take a break after that. This could lead to a pullback, but we expect it to remain capped above $45,050. The bulls could take the lead again and take the action over 48,415 this time...
Bitcoin is recovering and completing a failed swing bottom
rallied today and broke through the $45,050 mark marked by the September 24 high, completing a complex swing bottom formation. In our view, today's rise has turned the near-term outlook positive again.
We believe the bulls could soon challenge the $48,415 area marked by the September 15th and 16th highs, but they may decide to take a break after that. This could lead to a pullback, but we expect it to remain capped above $45,050.
The bulls could take the lead again and this time push the action above $48,415, a move that could pave the way towards the $50,840 zone, defined as resistance by the September 6 inside swing low.
Looking at our short-term oscillators, we see that the RSI climbed north and moved above its 70 level, while the MACD is above both its zero and trigger lines and is pointing upwards. Both indicators detect high bullish momentum and confirm our view of further progress for this cryptocurrency.
Now, to abandon the bullish case, we would like to see a break below $44,040, marked by yesterday's high. This may signal the crypto’s return within the consolidation zone and flip the outlook to neutral. We could see some declines until Tuesday's low of $40,755, the break of which could reach the $39,415 hurdle, defined as support by the September 2 low.
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