BITCOIN holding critical Support so far! Expect +55k if it holds

** 1D MA200 rejection **
The main focus of that was the price breaking a 3 month consolidation pattern and the importance of the 1D MA200 (orange trend-line) as a Resistance. As you see that Resistance held and Bitcoin ( BTCUSD ) got rejected back to the 4H MA200 (red trend-line), which it tested yesterday, as the first line of Support on the short-term.

This sequence is fairly similar to the start of the rally after Bitcoin's last bottom fractal in late July 2021 within the long-term Channel Up. On the current idea, I've added a few extra levels/ factors, which are important in their own way. Such as the Higher Highs trend-line of the bottom sequence, being a Resistance level on both fractals.

** The Support levels: 4H MA200, 1D MA500 and 0.236 Fib **As mentioned, the 4H MA200 is the first from a series of Support levels. The 1D MA50 (blue trend-line) is following closely but a key set of levels are the 0.382 and 0.236 Fibonacci retracement levels. The 0.382 was a rejection point in July 31 2021 but this time it marginally broke before rejection. The 0.236 Fib though is roughly where the 1D MA50 is and in 2021 it held upon contact and delivered a strong rebound.

** The 0.618 Fib as the next Target **
The rebound was just above the 0.618 Fib, which is in our opinion the next medium-term Target (roughly above the $55000 mark). Notice also the 1D RSI sequence. The recent High was made roughly around that of the July rejection. If the indicator follows a Channel Down sequence from now on, it would largely confirm that the 2021 fractal is still in play.

So what do you think will happen now? Will the Support Zone of the 4H MA200 - 0.236 band hold or this time we will see lower levels? Feel free to share your work and let me know in the comments section below!