Technical outlook:
Bitcoin jumped sharply towards the $20,200-300 area intraday on Tuesday, after testing the $18,700 lows over the weekend. The crypto has appreciated by around 8% in the last two trading sessions in line with our forecast. It is seen to be trading close to $20,225 at this point in writing and has got room left towards $21,000 at least in the near term.
Bitcoin is facing immediate price resistance at around $22,800 and a break higher will open the door to re-test $25,000 and target up to $29,500 in the next several trading sessions. Also, turn attention to the immediate resistance trend line connecting $25,000 and $22,800 highs on the chart. A push through will further confirm that the bulls are back in control.
Bitcoin will be facing some resistance at around $20,900 in the near term, which is the Fibonacci 0.618 retracement of recent drop between $20,800 and $18,200. A break through $20,900 will be another confirmation that the bulls are poised to push through near-term resistance and target towards the $29,500 mark.
Trading idea:
Potential rally towards $29,000 against $18,000
Good luck!
Relevance up to 13:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
