Bitcoin (BTCUSD) has been consolidating for nearly a full month (since the June 23rd High) and the 1D MA50 (blue trend-line) is only 1000 points away. Since the bullish break-out exactly at the start of the year, BTC has used the 1D MA50 as the short-term Support and more specifically the bounce level before each Higher High.
As you see on this chart, the movement since the start of 2023 has been fairly Cyclical, a Higher Highs rejection starts a correction, which when the 1D MA50 breaks (1D candle closes below it), extends towards the 1D MA200 (orange trend-line). This sequence current has the last Higher High to give and we expect to start any time. Our target is $34000.
Do you think the 1D MA50 will hold or break? Feel free to let us know in the comments section below!
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