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Has Bitcoin shaken out enough longs?

Whilst I have been absent from the markets, Bitcoin has rebounded from a low on January 23 at 38,509, to above 42k on Friday. The high seen ahead of the weekend was set at 42,221. Despite rebounding the 21 day moving average has now dropped below the 50 day moving average and that is not positive from a technical perspective. Yesterday Bitcoin rebounded to a high at 42,725, only to fall back to a low earlier today at 41,626. It has now rebounded again though and reclaimed the 42k handle once more, reaching 42,487 short while ago. The question now is; has it it corrected enough from the previous highs above 49k. The relapse of more than $1000 could suggest that it has, but it will be important that a return to the lows this week is avoided, in order to secure that outlook. Doubts will remain all the while it holds below that 50 day moving average, currently in place at 42,810. Bitcoin is currently trading at 42,170. 
 

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