Yesterday a number of factors helped Bitcoin bounce back above 38k again. The leading cryptocurrency rose to 38,744 just before the broader US close. However, he put in place a minor double top which he has yet to overcome today. The range seen during today's Asian session was covered by the high at 38744 and a low at 38.207. Hence, by Bitcoin standards, it is quite limited. Of course it won't last for the rest of the day and the next upside target for BTC is likely 40,000. However, beyond that there are some important retracement targets that may still come into play if the current bounce continues. These are at 40240 and 42.502. They represent 38.2% and 50% retracement of the downward move from 69000 to the most recent low at 32.917. The current recovery is still corrective apparently and is not yet a guarantee that the downtrend is still a thing of the past.
I am attaching my weekly range with the levels to monitor:
and levels for intraday trading:
For the interpretation of the levels and the construction of the excel sheet that I always publish, and my trading method, you can consult the book in Italian and English: https://www.amazon.it/dp/B09QRXJCDQ https://www.amazon.com/dp/B09RHH9PVH
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHER ADVICE.
Graphic: tradingview.com