See Figure 1 below. Here I plotted about six months’ worth of daily candles with several important technical indicators (TIs):
Albeit there are many more TIs, these six are my bread-n-butter indicators to help assess the cryptocurrency’s most likely trend. Let’s work our way down.
Figure 1. Bitcoin daily chart with technical indicators
The overall cumulative verdict based on these TIs is Bulls 4 vs. Bears 4. Thus, the current price chart for Bitcoin is neutral based on these simple but effective TIs. A breakout above $45K is needed to give the Bulls the edge to target the 200d SMA and possibly $54K. However, a fall back below the 50d SMA and the cloud, can target the low-30Ks once again and possibly as low as $24K. Thus, the Bulls and the Bears will continue to slug it out on the trading floor, social media, blogs, and comments sections. But ultimately, the chart will tell us who the winner will be so watch the breakout vs breakdown.