NEW!Incredible offer for our exclusive subscribers! Read More
BTC

Bitcoin (BTC) Regains Footing After Rejection from $58,000

1 Mins read

The bitcoin (BTC) price had been increasing since May 5 but was rejected once it reached the $58,000 resistance area the next day.

cryptonews.net

BTC is expected to find support at one of the two Fib support levels outlined below. Afterward, a breakout from the current pattern is likely.

Ongoing BTC bounce

BTC has been moving upwards since bouncing at the $53,000 support area on May 5. The support area is created by the 0.5 Fib retracement level of the most recent upward movement (white).

The upward move continued until a high of $58,360 was reached. The high was made very close to the 0.618 Fib retracement level (black) when measuring from the most recent downward movement.

BTC was then rejected and has been decreasing since.

Technical indicators are relatively neutral. The MACD is positive and the RSI is above 50. However, both are showing a lack of momentum, which in turn fails to confirm the direction of the trend.

BTC Chart By TradingView

Short-Term BTC Movement

The short-term chart shows that the price has reached the 0.618 Fib retracement support level at $55,000 and began a bounce. It has potentially created a double bottom pattern, which is evident with long lower wicks.

The next support area is the 0.786 Fib retracement level found at $54,350.

While BTC could fall towards the latter, it’s expected to create a higher low and move upwards. This is because it seems likely that a new impulse was initiated with the May 5 bounce.

BTC Chart By TradingView

The 30-minute chart shows a descending wedge, which is normally considered to be a bullish reversal pattern.

It also indicates that the price is likely to break out and begin to move upwards.

BTC Chart By TradingView

Conclusion

BTC is expected to find support at either the 0.618 or 0.786 Fib retracement support levels and break out from the descending wedge after.

Related posts
AltcoinsBTCBusinessCryptoETHMiningNewsOtherStock

Binqwix.com collaborates with Stake.com to offer Crypto services for its users

1 Mins read
Binqwix.com has collaborated with Stake.com to give crypto gamblers with a top-tier exchange where they can deposit, sell, and even convert Crypto…
AltcoinsBTCBusinessCryptoETHOther

Tradex-wallet.com staking platform with the best percentages or is it a temporary phenomenon?

1 Mins read
As it became known, tradex-wallet announced the announcement of a new staking program, rewards and large payouts for staking, the platform raffles…
AltcoinsBTCCryptoETHOther

Cryptwex & 15 More Crypto Exchanges Face Ire of South

2 Mins read
Sixteen international crypto exchanges. Including and the Mexican heavyweight MEXC. Have landed in hot water with Cryptwex.com financial regulators. For failing to comply with local guidelines….
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *