Bitcoin is up by an impressive 18% since yesterday’s low at $31,100.

It fell beneath the $36,750 (.786 Fib) support yesterday and ended up closing the candle at $34,760 (downside 1.414 Fib Extension) after dipping as low as $31,100 in the session. The session turned to be one of the worst days bitcoin had seen dollarwise.

Today, following the huge rebound, BTC is attempting to recover and break back above the $36,750 – $37K level, once again.

This pattern could justify a short-term reversal as bitcoin might form a “W” formation with a double bottom around the $30-$31K area – one retest was on Wednesday’s crash, whereas the other one from yesterday.

Additionally, on the short-term chart, bitcoin is currently trading at the upper boundary of a descending price channel that we have been tracking since May 10th. A breakout above this level would be the first signal that BTC is ready to continue its recovery towards the ... Read more »

Category: Analytics | Views: 160 | Added by: rozhkovagency | Date: 24.05.2021 | Comments (0)

Bitcoin is attempting to stabilize after being cut in half from April’s $64,800 high. The cryptocurrency sank to about $30,000 intraday last Wednesday—a critical support area that must hold. What are the technicals projecting?

Let’s examine a weekly closing chart. Twice, Bitcoin advanced from large rounding bases. From a $10,000 low in September, Bitcoin soared to $60,000 just six months later. But once it crossed $57,000 in February, its price gains were smaller and more difficult to achieve.

Source:barrons.com

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Views: 167 | Added by: rozhkovagency | Date: 24.05.2021 | Comments (0)

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