The decline of bitcoin price was stopped at 61.8% Fibonacci correction level (for the rise from 1800.00 to 4980.00) and formed solid support at 3033.00, and Bitcoin price after the bearish correction to 3000.00 level, back to the main bullish trend, moved upwards strongly and breaking 3776.00. After the bullish rally, bitcoin started to show some bearish correction after it faced solid resistance at 4075.00 and trying to test 3776.00 level that represents 38.2% Fibonacci correction (for the rise from 1800.00 to 4980.00).
So What Next..
Expected trading for the rest of day is between 3700.00 support and 4236.00 resistance.
- Bitcoin price keep stability above the key support 3776.00.
- Stochastic start to provide positive signal to reinforce the chances of resume the bullish trend.
- Breaching 4030.00 confirm the continuation of bullish trend.
- Breaking 4236.00 and holding above it will push the price to 4980.00.
- The price must hold above 3776.00 to keep the bullish trend.
- Breaking 3776.00 level and holding below it will cancel the bulish trend.
Expected trading
for the rest of day is between 3700.00 support and 4236.00 resistance.
Expected trend for the rest of day: Bullish.
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