Bitcoin bulls ride off weekly support

• Bitcoin bullish on D1/W1 timeframe

• Strong W1 support at 48412.28

• Prices firmly above H4 LWMA

• 4 potential targets on the H4 timeframe

• Bullish scenario invalidated below 47714.98

Bitcoin has seen spectacular bullish action over the past two weeks.

Prices are firmly bullish on the daily charts with the higher highs and higher lows confirming an uptrend. The upside momentum not only propelled prices towards a weekly resistance level but also triggered a breakout – opening a path beyond the psychological $50,000 level.

Although prices may retest the previous weekly resistance now turned support, demand seems strong and might cause another impulse wave to commence in the current uptrend market structure.

On the 4-hour chart, a strong uptrend is in progress. The price is above the 50 Linear Weighted Moving Average with both the Momentum Oscillators as well as the longer price cycle Moving Average Convergence Divergence (MACD) Oscillators confirming the upward momentum.

If the price reaches the 50425.86 level, a long scenario becomes possible.

Attaching a modified Fibonacci tool to the trigger level at 50425.86 and dragging it to a lower bottom at 47714.98, four conservative targets can be determined:

• Target 1: 51510.21

• Target 2: 52052.39

• Target 3: 53136.74

• Target 4: 54492.18

If the price breaks past the 47714.98 level, this scenario becomes invalidated.