Bitcoin Gathers Bullish Momentum
Tickmill | Jan 03, 2022 04:22AM ET
Type: Bullish bounce
Key Levels: Resistance: $51,840.61, pivot: $45,521.82, and support: $43,927.89
Preferred Case: Bitcoin broke out of the descending trendline resistance, signifying a bullish momentum.
We can expect the price to bounce from the pivot level in line with 100% Fibonacci projection towards 1st Resistance in line with 100% Fibonacci projection.
Our bullish bias is further supported by the MACD indicator, which is at the oversold area, and the MACD line is above the signal line.
Alternative Scenario: Alternatively, the price could push further down to 1st Support in line with 127.2% Fibonacci projection and 127.2% Fibonacci retracement.
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