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Bitcoin dropped to $29,500 after facing resistance at around $31,600 on Monday. The crypto is unfolding an Engulfing Bearish candlestick pattern on the daily chart, declining further to $28,000. Bulls will have to hold prices above $25,500 to keep the near-term structure constructive.
Bitcoin is still working on a counter trend rally after reaching a low of $25,500 earlier. It might be unfolding as a complex corrective wave structure with the first leg terminating close to $32,500. The second wave might be unfolding and could print marginally below $28,000 before the third leg could resume higher to $42,000 and up to $48,000.
Bitcoin is working on its larger degree downswing between the $69,000 and $25,500 levels seen on the daily chart. It needs to start a similar corrective wave to the Fibonacci 0.618 retracement level seen at around $52,000. Traders are likely to open new long positions if prices test $28,000 from here.
Potential rally through $42,000, $48,000 and up to $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.
