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Bitcoin has dropped through $37,000 levels late on Monday before pulling back through $38,200 mark. The crypto is seen to be trading around $38,200-300 level at this point in writing and is expected to rally beyond $46,000 in the near term. Bulls need to hold prices above the $33,000 mark though to keep the structure intact.
Bitcoin has produced a doji candlestick pattern on the daily chart suggesting a potential bullish reversal against $33,000 mark. If correct, bulls will remain inclined to push through $50,000 mark before finding resistance again. Also note that fibonacci 0.618 retracement of the entire drop between $69,000 and $33,000 is seen passing through $55,000 mark.
High probability remains for a bearish turn if prices manage to reach the $50,000 mark going forward. Only a push through $61,000 will open the door to print fresh all-time highs above $69,000. For now, possibility remains for a potential Righ Shoulder being carved close to $50,000 mark, and continue the proposed Head and Shoulder reversal pattern.
Potential rally through $50,000 against $33,000.
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.
