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Bitcoin seems to have carved an intermediate bottom around the $25,500 mark on Thursday. The crypto has reversed sharply since then as expected and has raised through the $30,900 high intraday. It is also carving a significant Morning Star candlestick pattern on the daily chart indicating a continued rally going forward.
Bitcoin is seen to be trading close to $30,500 at this point in writing and is expected to push through the $40,000 mark in the next several trading sessions. Please note that $40,000 is initial price resistance followed by $48,200; while interim support is now seen around the $25,500 level respectively.
Bitcoin has now carved a meaningful downswing between the $69,000 and $25,500 levels. Ideally, the crypto should retrace the entire drop at least towards the Fibonacci 0.618 level, which is seen through $52,400 as marked on the chart here. Traders would remain poised to initiate fresh long positions from current levels.
Potential rally towards $42,000 and $52,000 against $20,000
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.
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