Bitcoin Technical Analysis Report 13 May, 2021

• Bitcoin reversed from support area
• Likely to rise to resistance level 52790.00

Bitcoin cryptocurrency recently reversed up from the support area located between the major support level 47395.00 (low of the previous correction A from last month) and support level 45000.00 (former key support from February) – strengthened by the lower daily Bollinger Band and by the intersecting 50% Fibonacci correction level of the previous upward impulse from the end of January. The upward reversal from the support level 47395.00 stopped the previous impulse waves (i) and C.

Given the proximity of the aforementioned support area and the strong daily uptrend – Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 52790.00 (former low of the previous correction (b) from the start of May).

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