- Bitcoin is well on the way of making a new milestone at $50k.
- Bulls are firmly in the driving seat in a highly bullish technical environment.
In the prior analysis, BTC/USD Price Analysis: What it might take to crack $50,000, a series of prospective price action was laid out as the potential route for bulls to reach the psychological $50k mark.
In the following, with the price now printing a fresh higher high of $49,000, it is illustrated as to how the price is advancing and in accordance with the prior price action trajectory forecasting such an outcome.
It is also illustrated that the price is highly bullish on the 4-hour time frame and $50k is a very realistic target.
Prior analysis, daily chart
As explained in the prior analysis, the price was expected to find support on the 38.2% Fibonacci retracement prior to extending towards $50k.
Live market, daily chart
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The price, as illustrated, has indeed moved higher from the expected support zone.
Bulls will now be looking for a firm series of 4-hour closes to confirm the bullish momentum and prospects for penetrating the psychological $50k level.
As it stands, a -0.618% Fibonacci retracement of the daily correction’s range offers a target of close to $51k.
Daily & 4HR chart
As can be seen, the price has already been supported at the structure on the 4-hour time frame and subsequently went on to print a record high.
MACD is above zero and the 10 and 20 EMAs are bullishly wide apart with price supported on a restest of the 10EMA.
