• Bitcoin reversed from support zone
• Likely to rise to resistance level 50000.00
Bitcoin cryptocurrency recently reversed up from the support zone lying between key support level 44000.00 (which has been reversing the price from the start of August), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from the middle of July. The upward reversal from this support zone completed the previous intermediate ABC correction (2).
Given the improving risk sentiment seen across the cryptocurrency markets today – Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level 50000.00 (which stopped the previous impulse wave (1) in August).