The BTCUSD pair has staged a breakout above the upper daily Bollinger Band. Daily Bollinger Band breakouts can lead to a powerful one-way directional breakout.
Price is now above the 50-day moving average, with bulls now increasingly likely to target the BTCUSD pair’s 200-day moving average, around the $44,000 level.
What the possible outcomes are
In our most likely scenario, the BTCUSD pair breaks above the $40,000 level and then heads towards its key 200-day moving average.
Alternatively, the BTCUSD pair may pull back towards the upper daily Bollinger Band around the $35,200 level, and then start to advance its 200-day moving average.
Support $37,000 $35,200
Resistance $40,000 $44,000