BTC/USD rose today, breaking over the $45,050 resistance level set by the September 24 high, completing a complex failed swing bottom formation. Today’s rally, in JFD Team’s opinion, has re-energized the short-term outlook.
They anticipate the bulls will shortly attack the $48,415 level, marked by the highs of September 15 and 16, but they may decide to take a vacation after that. This could cause a reversal, but they believe it will remain contained above $45,050.
This time, the bulls may reclaim control and push the price over $48,415, paving the door for a move towards the $50,840 zone, which is identified as resistance by the inside swing low of September 6.
Looking at our short-term oscillators, we can see that the RSI has risen over 70, and the MACD has crossed both its zero and trigger lines, signaling up. Both indicators show strong upward momentum, confirming our prediction for additional gains in this cryptocurrency.
To abandon the bullish hypothesis, we need to see a drop-down below $44,040, the high from yesterday. This could indicate a return to the consolidation range for the cryptocurrency and a shift in the outlook to neutral. After that, we may be able to see through further falls to Tuesday’s low of $40,755, a break of which might target the $39,415 barrier, which was identified as a support by the low of September 2.