• Bitcoin reversed from support area
• Likely to rise to resistance level 46000.00
Bitcoin cryptocurrency recently reversed up from the powerful support area located between the key round support level 40000.00 (previous monthly low from September, as can be seen below) and the lower daily Bollinger Band. The upward reversal from this support area started the active minor corrective wave (ii) – which belongs to the higher order downward impulse waves C and (4) .
Given the strength of the aforementioned support area and the general improvement on the risk sentiment across the cryptocurrency markets , Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 46000.00 (former strong support from last month).
