A short-term bottoming opportunity in Bitcoin
— Execution, Recent lows, Coinbase, Around 25, Markets, Recommendation, Around 22 000, Usd, Previous low, Extreme fear — 1 min read
Bitcoin jumped 6%, to US$20,210 at AEST 1:12 pm in the last 24 hours. Bitcoin’s downtrend is still intact, with the price moving under the descending trendline by connecting lower highs from the peak in March. A bearish break-out of the low on 30 June at 19,000 may take bitcoin to hit the previous low on 18 June at 17,567. A bullish breakout of the resistance at 22,000 will bring the price to further medium-term resistance at the 50-day MA at around 25, 530, confluence with the Fibonacci retracement of 23.60% (connecting from the high on 28 March to the low in March to 30 June) Source