• Bitcoin reversed from support area
• Likely to rise to resistance level 32500.00

Bitcoin cryptocurrency recently reversed up from the support area lying between the key multi-month support level 29082.00 (which has been reversing the price from last January) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous short-term correction (ii) – which belongs to the longer-term upward impulse wave C from the middle of last month.

Given the oversold daily Stochastic and the improvement in sentiment as seen across the cryptocurrency markets today – Bitcoin can be expected to rise further toward the next resistance level 32500.00. Strong support remains at the support level 29082.00.