• Bitcoin reversed from support area
• Likely to rise to resistance level 45000.00
Bitcoin cryptocurrency recently reversed up from the support area lying between the round support level 30000.00 (former powerful support from January) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous impulse wave C – which belongs to the intermediate ABC retracement (2) from the start of April.
Given the strength of the aforementioned support area and the oversold reading on the daily Stochastic indicator – Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 45000.00 (former multi-month support from the end of February).