Exactly a week ago, Bitcoin was pausing to rest above its best respected, long term, 202-week EMA body support line and around $30k.
That is the perfect spot to rest and accumulate energy before taking the next leg to $20k or $40k.
As of this writing, Bitcoin (BTCUSD) trades above $31k:
This move will not necessarily resolve to the $40k area, however, it’s how that trip starts.
The week only began, we’re watching to see how it ends.