BTCUSD: The hidden Pivot trendline that leads to $50k.

BTCUSD is technically overbought on the 1D timeframe (RSI = 80.516, MACD = 1734.400, ADX = 57.748) after a very strong 10 day rally that saw it hit a trendline that most people haven't noticed. That is P1, the underlying pivot line that was the HL when the rally was initiated at the start of the year.

A Golden Cross was formed on the first High of that January rally and similarly Bitcoin is about to form another one, the first Golden Cross since then. It is therefore possible to see a pullback to the dotted HL and then cyclical rise and fall until $50,000 in the same way as the price action worked above the P1 level from January to July.

See how well our prior idea has worked:


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