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Strong bullish momentum on the Bitcoin. The price hit the level of $6.030. A new study reveals surging investments in cryptocurrencies by institutional investors, with almost half of them viewing crypto assets as having a place in their portfolios. "Institutional investors are overwhelmingly favorable about the appealing characteristics of digital assets," Fidelity Investments described. This is positive sign for BTC and it did bring more confidences to investors.
Technical picture:
Purple horizontal rectangle – resistance cluster
Orange median line – Pitchfork median line (mean)/resistance
Upper rising green line – Diagonal resistance
Strong bullish movement on the BTC today and price finally managed to test key resistance at $6.040. Our view is that buying looks extremely risky cause of multiply resistance levels around $6.031-$6.400. Anyway, the demand is still strong and you should watch for potential bearish divergence on lower frames to confirm potential downward correction. Down references are seen at $5.658 and $5.338.
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