Bitcoin is trading in the green at 26,146 at the time of writing. The crypto increased by 3.24% from yesterday’s low of 25,350 to 26,171 today’s high. The current rebound helped the altcoins to bounce back as well.
Technically, after such an impressive drop, a rebound could be natural. USD’s depreciation in the short term could help BTC/USD to develop a bullish movement. Bitcoin is down by 10.19% in the last 7 days.
BTC/USD False Breakdown!
As you already know from my previous analysis, BTC/USD is trapped between 25,601 and 26,289 levels. The bias is bearish as long as it stays below the median line (ML).
Technically, the rate registered a false breakdown with great separation below 25,601 indicating exhausted sellers.
BTC/USD Forecast!
Jumping and closing above the median line (ML) and through 26,289 validates a larger rebound and brings new longs.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin is trading in the green at 26,146 at the time of writing. The crypto increased by 3.24% from yesterday’s low of 25,350 to 26,171 today’s high. The current rebound helped the altcoins to bounce back as well.
Technically, after such an impressive drop, a rebound could be natural. USD’s depreciation in the short term could help BTC/USD to develop a bullish movement. Bitcoin is down by 10.19% in the last 7 days.
BTC/USD False Breakdown!
As you already know from my previous analysis, BTC/USD is trapped between 25,601 and 26,289 levels. The bias is bearish as long as it stays below the median line (ML).
Technically, the rate registered a false breakdown with great separation below 25,601 indicating exhausted sellers.
BTC/USD Forecast!
Jumping and closing above the median line (ML) and through 26,289 validates a larger rebound and brings new longs.
The material has been provided by InstaForex Company – www.instaforex.com
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