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#1 28-11-2019 17:29:57

Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2855

Bitcoin soars 18% since Monday's dip, is the bullish reversal solid?

The Bitcoin soars 18% since Monday's dip, is the bullish reversal confirmed? What targets should we aim for?

The BTC/USD has been rebounding sharply since Wednesday afternoon, with a peak of $7,674 last night after a low of $6,841 at midday, an increase of nearly 13%. Bitcoin has since slightly corrected and is now at around $7,595 tonight, keeping a gain of nearly 5% since Wednesday morning.

As is often the case with surprise accelerations on cryptos, the reasons for this increase seem unclear, especially as news from the industry rather negative since Monday.

The rebound therefore seems essentially technical, and seems amply justified. Indeed, the Bitcoin faced a drop that saw over a third of its value soar in 4 weeks, between a peak above $10,000 on 26 October and a low of $6,515 on 25 November.

From a technical point of view, it should also be noted that the rebound posted since Wednesday has led the BTC/USD to return above its 100-hour moving average, which was an important bullish signal.

Selling pressure therefore seems to be easing on Bitcoin, but from a graphical point of view, we will prefer to wait for a break above $8,000 and above the 100-day moving average at $8,056 to confirm a somewhat sustainable bullish forecast.

On the downside, the 100-hour moving average at $7,181 will be the first potential support level before the psychological threshold of $7,000. Then, we will monitor Wednesday's low of $6,839, and the 25 November low at $6,515 as the next downside targets.

Lastly, it should be noted that it is possible that the Bitcoin may enter a consolidation phase between its 100 and 200-hour moving averages ($7,182 and $7,640, respectively) after a nearly 18% jump between Monday's low and Wednesday night's peak.

Currently, Bitcoin is trading at $7,604.

Hourly BTC/USD chart

"Anything worth having is worth going for - all the way." - J.R. Ewing



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