Bitcoin Offering Bullish Momentum Amidst Bearish Sentiment

Bitcoin is finally offered some bullish breathing room after being suppressed at the bottom of the range at the 30k region for an extended period. We formed a double bottom at the .786 fib at $29,250 and then rallying above the .618 fib at $36,877 making a local high at $40,900.

We are still in the accumulation zone until we have breached $42,000.

Additionally, BTC is well above the 50 DMA as of current & looking to tag the 200 DMA at $44,800.

The W pattern on this daily chart could offer a second bullish leg if the .618 fib proves to be strong support around the $36,877 level.

Short term targets are the .5 & .382 fibs at $42,230 & $47,580 respectfully.