Not a trading or investing recommendation. The below analysis is only for educational purpose.
Reason for believing this is a pullback to the 200MA (first target):
1. Price broke the most recent lower high in the recent lower high-lower low structure & is able to sustain above the last lower high.
2. Downtrend line broken.
3. Clear stopping volume & igniting volume seen.
4. All three, Monthly-weekly-daily timeframes showing bullish bias.
5. Massive clearing/Marubozu bar on 4-Feb with tons of volume.
6. Spread between price & 200MA fairly large.
From a longer term perspective, until price closes above 200DMA around $49,200, the major trend would still be considered a downtrend. However, if this current up move sustains itself above 200DMA, then the major trend shifts upwards.
All the best!
Disclaimer- I don't own Bitcoin.
Reason for believing this is a pullback to the 200MA (first target):
1. Price broke the most recent lower high in the recent lower high-lower low structure & is able to sustain above the last lower high.
2. Downtrend line broken.
3. Clear stopping volume & igniting volume seen.
4. All three, Monthly-weekly-daily timeframes showing bullish bias.
5. Massive clearing/Marubozu bar on 4-Feb with tons of volume.
6. Spread between price & 200MA fairly large.
From a longer term perspective, until price closes above 200DMA around $49,200, the major trend would still be considered a downtrend. However, if this current up move sustains itself above 200DMA, then the major trend shifts upwards.
All the best!
Disclaimer- I don't own Bitcoin.