BITCOIN First close above the 1D MA50 in 2 months?

Bitcoin (BTCUSD) broke above the 1D MA50 (blue trend-line) again today and is very close to registering the first 1D candle closing above it since August 01. At the same time it broke above the Lower Highs of the Falling Wedge pattern that started on the July 13 High.

If it succeeds today in closing above it, we hav e high probabilities of seeing the bullish extension of the Inverse Head and Shoulders pattern (IH&S) we discussed last week materializing. The target extends as high as the 2.0 Fibonacci at 30000. The short-term target is the 1D MA200 (orange trend-line) at 28000. Interestingly enough Resistance 1 (28150) and Resistance 2 (30220) are near those two respective targets adding to their importance as supply levels.

Note that the 1D RSI has been on a strong Bullish Divergence since August 18 (candles on Lower Lows). That is why the IH&S has increased probabilities of breaking above the 2-month Falling Wedge pattern.

So what do you think? Is it time to break to the upside for good? Feel free to let us know in the comments section below!

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