Bitcoin is ranging due to the new year. Bitcoin has started its bullish momentum and trend and is going to be continue going up. The support level drawn here is at the price of 42500 which needs to print a bullish confirmation price action which will then continue its course. The market has formed the double bottom at the support level. Once it taps the support level again. The structure formation is higher highs and higher lows.

The descending trendline has been formed but the market still needs to breakout from the trendline to continue moving up. Also, the ascending trendline is supporting the prices at the support level.

There is no retracement level in this setup.

The EMA 50 is bearish now and once the market starts to move up from the support, and breaks the EMA 50, only then it can continue moving up further.

RSI is at 60. It needs to break above the 50 level and then retest at the 50 level with the confluence of other technical parameters.

Bitcoin buys from 42500

Jan 08 2024