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Bitcoin has finally carved a meaningful bottom around $53,500 mark falling in-line with expectations. The crypto has produced a bullish Morning Star candlestick pattern on the daily chart on Sunday, indicating a potential trend reversal. Bulls will remain inclined to push towards $70,000 ad higher in the next few weeks. Ideally, prices should stay above $53,500 to keep the bullish structure intact.
Also note that Bitcoin has bounced from a strong convergence point as described here: 1. The Fibonacci 0.50 retracement of the upswing between $40,000 and $69,000. 2. The past resistance turned support zone and 3. The new channel support trend line. High probability remains for a strong rally towards all-time highs above $69,000.
On the flip side, a break below $53,500 would further open doors to slip through $50,000 and $40,000 initial price support. In that case, the bearish trend would remain intact as Bitcoin prepares to test lower levels. At this point in writing, bulls are looking to be in control as they prepare to break above $60,000.
Potential rally towards $70,000 against $50,000.
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
