Given the strength of the nearby resistance level 80000.00 and the clear daily downtrend, Bitcoin cryptocurrency can be expected to fall to the next support level 75000.00 (former strong resistance from March).
Bitcoin reversed from round resistance level 80000.00
Likely to fall to support level 75000.00
Bitcoin cryptocurrency recently reversed up from the resistance zone between the strong round resistance level 80000.00 (former string support from November, which has been reversing the price from the start of February, as can be seen from the daily Bitcoin chart below) ,upper daily Bollinger Band and the 50% Fibonacci correction of the sharp upward impulse 5 from the start of January. The downward reversal from this resistance zone runs counter to the earlier intermediate impulse wave (C) from the end of March.
Given the strength of the nearby resistance level 80000.00 and the clear daily downtrend, Bitcoin cryptocurrency can be expected to fall to the next support level 75000.00 (former strong resistance from March).
BitcoinThe subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
