Posted By sdwebsolution Posted On

Bitcoin: the bottom stood, but there was a knock on it. Twice


Bitcoin continues to trade in the vicinity of correction targets in the support cluster zone 29927-34972-37148-40026.

The scenario is the same – recovery and growth to previously reached highs with the prospect of continuing upward movement to the new target zone at the level of 71361. And the criterion for canceling this scenario is also the same — a breakthrough of the support level of 29927, which almost took place last week..

The past week has been critica

The bears launched two attacks on the support level of 29927, but the bottom has held, and the market is starting a new recovery cycle with the nearest target at 35800, the breakthrough of which opens for testing the short-term target of 42688 with the prospect of a short-term upward reversal and the final completion of the correction.

Nevertheless, it is not necessary to relax, the breakthrough of the support cluster 28702-29927 and, as a result, the suspension or cancellation of the growth scenario is also still possible.

The main trend remains upward, the long-term downward correction continues, the medium-term trend is in the phase of corrective growth.

Corrective growth is also observed in the short-term trend. The trend of the weekly cycle is upward, with a target at the level of 35800.

Resistance levels: 34330, 35800, 42688, 62417, 64810, 71361, 87926.

Support levels: 40026, 37148, 34972, 31208, 29927, 28702.