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Bitcoin bounced off around $42,500 over the weekend. The crypto might have found support around the 18 months trend line support as seen on the daily chart. It rallied through the $52,000 highs on Tuesday and faced mild resistance there before pulling back towards $49,000. Bulls would remain inclined to be back in control ahead of the $42,500 lows in the near term.
Bitcoin retraced its recent upswing between $28,600 and $69,000. The Fibonacci 0.618 mark around $44,000 provided the necessary support and bounce as depicted on the daily chart. High probability remains for a bullish turn from here and push higher towards $70,000 at least. A push above $52,000 will be now required to accelerate further according to the price action.
On the flip side, if the price drops below $42,000, Bitcoin would drop further through the $40,000 initial support as marked on the chart here. A break below $40,000 would suggest a further decline towards $28,600. For now, the structure remains bullish against $40,000.
Potential rally through $70,000 against $40,000.
Good luck!
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
