Bitcoin bulls managed to achieve a strong recovery to $ 3,580. The coin has risen by 14% from a recent low of $ 3,140, reached on December 15th. Now the price of BTC is 3 540 dollars, showing an increase of 7.73% in the last 24 hours. The collapse under the SMA200 was short-lived, as new buyers appeared at new lows and saved the situation.
Whether this is a true recovery or a “dead cat rebound” is still unknown. Some experts believe that the long-term Bitcoin bulls capitulate when the price drops below $ 3,100, but as long as the BTC stays above this level, all is not lost.
The price of a pair of BTC / USD consolidates profits after strong growth. Below the current BTC price is maintained at 61.8% Fibonacci retracement and the minimum of the previous month is $ 3,466. Once this local barrier is overcome, the downward correction can be expanded below $ 3,400 to $ 3,370. Another cluster is closely following this area SMA combined with 61.8% Fibonacci retracement.
Sustained movement under the psychological $ 3,200, reinforced by the lows of the previous day and the previous week, will turn up the movement. Above the current price, the nearest resistance is created by a number of technical levels, including SMA5 (15-min), SMA10 (15-min), SMA10 (1-hour), SMA5 (1-hour, 4-hour Bollinger Band Upper and 15-min . Bollinger Band Middle). Once it is overcome, recovery can be extended to the previous day's maximum of $ 3,580 and to $ 3,600. Another strong resistance is created when you approach $ 3,680. The critical resistance is at $ 3,800.
And what do you think about this?
