BTCUSD: Still room to rise but limited on this pattern

BTCUSD is going for the 3rd straight 1W closing over the 1W MA50, a feat that we last saw on the week of November 29th 2021. This shows that the Bear Cycle is well beyond us, even the 1W technicals are healthy bullish (RSI = 63.821, MACD = 1086.700, ADX = 31.134).

If this Cycle's pattern is a Triangle like 2018/2019 then at the moment the upside is limited to approximately 35,000. With the 1W MA100 being close to the top, we can say that at 33,000 medium term investors may consider taking profits. Especially if the 1W RSI breaches the 70.000 overbought level. A pullback should be expected then that should serve as a new buy entry/ accumulation for the long term.


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