However, BTC was rejected by a short-term resistance level just shy of $56,000.
BTC resumes bounce
BTC has resumed the bounce from April 26. The bounce began at a confluence of Fib support levels between $46,900-$47,725. The area is created by the 0.5 long-term Fib (orange) and 0.786 short-term Fib (black).
So far, it has reached a local high of $55,738.
An interesting development is the bullish reversal signal in the MACD.
Despite this, the RSI and Stochastic oscillator are still bearish.
The shorter-term chart is showing weakness.
Firstly, the price was rejected as soon as it reached the 0.5 Fib retracement resistance at $55,565 (black).
Read more »