$BTC Bottom Incoming? š
Entry: N/A
Target: N/A
Stop Loss: N/A
Bitcoin is showing signs of life on the weekly chart, finding solid support at the 100-week EMA around $85,809. After a four-week dip, we've seen two green candles, and $BTC is now holding above $92,400. If this recovery continues, the 50-week EMA at $99,182 is the next target. The weekly RSI is climbing from 40, hinting that bearish momentum is weakening. For a sustained rally, we need that RSI to break above 50.
On the daily, $BTC faced resistance at the 61.8% Fibonacci retracement ($94,253) but bounced off the $90,000 level. A break above the descending trendline and closing above $94,253 could send us towards $100,000. The daily RSI is neutral, but the MACD's bullish crossover from November is still holding strong. If we see a reversal, $85,569 is the key support.
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