Bitcoin (BTC) is reclaiming several key technical levels that historically signal the end of bear markets.
The pseudonymous analyst Skyodelic says strong points already reclaimed include the $67,000 local structure, $74,400 higher-timeframe structure, the 1D 200 SMA (simple moving average) plus EMA (exponential moving average), the one-week 50EMA, and the one-day RSI (relative strength index) hitting 85-plus.
Remaining hurdles for full confirmation include a weekly close above the 1W 50SMA at $82,000, the 1W Supertrend at $79,000, a higher low above $82,700, and a monthly higher high above $76,463.
“At this stage, Bitcoin has put in 80% of the data needed to confirm the low. However, for this low to be undeniable, we need to close above $82,700.”
If Bitcoin punches above $82,000 this week, the analyst predicts it could move quickly toward $90,000, while chopping below that level could allow a maximum drop to $75,000 before a key breakout.
“Securing a monthly close in the days above $76,463 increases the probability greatly that the low is confirmed.
At this stage, we are waiting for a few more things to line up, and then the trend reversal is undeniable.
So far, a great start, and Bitcoin has already reclaimed levels that, in all previous bears, have marked the end(200D SMA+EMA=1W 50EMA+ 1D RSI 85+).
We will know more by the end of this week/month, which is around the same time.”
At time of writing, Bitcoin is trading for $77,776.
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