Bitcoin On Short-Term Bullish Momentum
Tickmill | Jan 25, 2022 03:16AM ET
Type: Bullish Bounce
Key Levels: Resistance: 40577.91, Pivot: 35991.49 and Support: 34306.68
Preferred Case: Bitcoin is abiding by the descending channel, signifying an overall bearish momentum.
However, the price is reacting at the channel's support level; hence, we can expect a short-term bullish bounce from the pivot level.
We can potentially see price bounce from the pivot level in line with 61.8% Fibonacci projection towards 1st Resistance level in line with 161.8% Fibonacci projection, 78.6% Fibonacci retracement, and channel resistance.
Our short-term bullish bias is further supported by the stochastic indicator where the %D line bounced at the support level.
Alternative Scenario: Alternatively, the price could push further down to 1st Support in line with 78.6% Fibonacci projection and previous swing low.
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