Bitcoin: Short-term Bullish Bounce Likely

Published 12/17/2021, 02:40 AM
Updated 03/28/2023, 03:20 AM

Type: Bullish bounce

Key Levels: Resistance: $50,880.12, pivot: $46,949.92, support: $44,666.16

Preferred CaseBitcoin is currently abiding by the descending trendline resistance, signifying overall bearish momentum. However, we can expect the price to bounce from the pivot level in line with 61.8% Fibonacci projection towards 1st resistance in line with 50% Fibonacci retracement and 100% Fibonacci projection. Our bullish bias is further supported by the RSI indicator, where a bullish divergence is identified.

Alternative Scenario: Alternatively, the price could push further down to the 1st Support in line with the 78.6% Fibonacci projection.
Bitcoin price chart.


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