again for the first time since September 18. While some headlines are signaling potential downside, we remain optimistic. The price recently formed its first Higher High on September 27 in six months, and the uptrend since the August 5 low is still intact, supported by a series of Higher Lows.
Although the 1D MA50 (blue line) has been breached, as long as the price remains above the 1W MA50 (red line) â which held strong on August 5 and September 6 â the chances of breaking the 7-month Lower Highs trend-line look promising.
Interestingly, the pattern emerging since the August low resembles an Inverse Head and Shoulders (IH&S). If this plays out, the technical target could be around $80,000, based on the 2.0 Fibonacci extension. As long as the 1W MA50 holds, this remains the most likely outcome.
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