BTC/USD Pullback

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.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.