Technical analysis by cybernetwork about Symbol BTC: Buy recommendation (5/16/2024)

BTC have now pierced above the (green) 50 daily SMA line, as well as above the Bollinger band, after previously getting rejected 3 times.Note: Will need the current daily candle to close above the green 50 daily SMA line for confirmation.Inverse head and shoulder pattern breakout indicates momentum reversal.FG{50/15} histogram have now turned green, and is about to flip into the positive again. This is in confluence with the start of previous major run-ups during the bull market cycle.