• Bitcoin reversed from support zone
• Likely to rise to resistance level 50000.00
Bitcoin cryptocurrency recently reversed up from the strong support zone lying at the intersection of the strong multi-month support level 46000.00 (which has been reversing the price from the start of December) intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward impulse wave from the middle of July. The upward reversal from this support zone stopped the previous minor corrective wave (ii).
Given the prevailing uptrend, Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level at 50K USD – previous resistance from the start of this month.