BTCUSD bounce from a medium-term support
BTCUSD has been rejected from the extreme Fibonacci extension 2.618 level from the low in 2012 and is forming a big bearish shadow candle. We need to see a sustained bounce from 35000 to market this as a temporary pullback in the uptrend or we could see a downside extension and a test of 20000-25000 zone.
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On the weekly chart, we can see that BTCUSD has reacted on the last known uptrend line and a real upside resistance lies at 42515 where we will see if this bounce will have legs or we have reached the longer-term top of 65000.
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On a daily chart, we can see falling wedge and Already a member? This article is so good, it’s for premium members only.
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