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Bitcoin dropped below $18,200 over the last week before finding support and bouncing back to $19,500, producing a bullish candlestick pattern on the daily chart. The crypto seems to have carved a higher low around the $18,600 level and is now preparing to push higher towards at least $22,900. Bulls are looking to be back in control by holding above the $18,200 mark.
Bitcoin has carved a larger degree bearish boundary between $69,000 and $17,500 as can be seen on the daily chart presented here. The recent downswing being worked upon is between $48,200 and $17,500. A potential target is seen towards the $29,500 level, which is also the 0.382 Fibonacci retracement of the above downswing. Strong resistance is expected to be seen there.
There is also the Fibonacci convergence seen around $29,500 which increases the probability of a strong bearish reversal. Alternatively, if the price continues to slide from there, it could break below $17,500 and slide further towards at least $15,000. As long as the $17,500 support stays intact, prices are likely to move higher.
Potential rally towards $29,500 against $17,500
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।
