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
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