Bitcoin RSI broke the downtrend which means this bounce likely has more room to go...
Will this be a bounce or an outright reversal?
It's impossible to know at this point, but at the very least, if it's only a bounce, the bounce has more room to go up.
We had a break of the RSI downtrend which usually indicates more to come:
(Source: https://twitter.com/MatthewHyland_/status/1497072573326274560/photo/1)
While this may or not be a reversal, that technical pattern above likely means bitcoin is going over $40k, and possibly all the way to $44k or so.
Once we get there it will be interesting to see if we can flip the entire bear market or this was just a bounce...
That will probably depend on what comes out in the Executive Order from the White House as well as what happens with interest rate hikes.
At least for now, we are not going down.