BITCOIN (update) Is a daily closing above the 1H MA50 bullish?

Short-term update on Bitcoin's price action today following the immense volatility of the past few hours.

The chart on the left is on the 1D time-frame, while the chart on the right is on the 1H time-frame. I am using both in order to more effectively illustrate the importance of the 1H MA50 (blue trend-line) on the 1D (daily) scale.

During this 2 week downtrend, BTC has (marginally) broken above the 1H MA50 but has never closed a 1D candle (day) above it. The last daily (1D) candle closing above the 1H MA50 was on May 08. After that, the strong selling sequence started. That indicated that sellers used this hourly break-out to trigger more positions and drop the price before the daily session closed. In fact until today it has never even crossed the 1H MA100 (green trend-line), which along with the 1H MA50 formed the Lower Highs Resistance Zone.

Today the price crossed the 1H MA50 by the highest price range since the selling started. Since the 1W MA50 (yellow trend-line), which separates Bull from Bear Cycles, held yesterday and initiated today's rebound, will a daily closing above the 1H MA50 restore the bullish sentiment at least for the short-term? Feel free to share your work and let me know in the comments section!


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