• Bitcoin reversed from support area
• Likely to reach resistance level 60000.00
Bitcoin recently reversed up from the support zone lying at the intersection of the support level 53650.00 (which stopped the A-wave of the active ABC correction (4) from the start of this month) and the 38.2% Fibonacci correction of the pervious upward impulse (3) from the end of March. The upward reversal from this support area continues the active minor wave B –which started earlier from the aforementioned support level 53650.00.
Given the proximity of the support level 53650.00 and the predominant uptrend that can be seen on the daily Bitcoin charts – Bitcoin can be expected to rise further toward the next round resistance level 60000.00 (which stopped the earlier strong impulse wave (3) earlier this month).