Bitcoin price analysis: This bounce needs to sustain
|- BTC bounced off the lows of the day.
- Bounce occurs exactly around 50 pct fibo retracement level.
The uncrowned king of cryptcurrency, Bitcoin has managed to bounce off the lows of the day on a day when almost all the other cryptos were struggling to find their feet on the ground. What is intetresting is that the bounce comes at a critical level and if sustained can lead into a meaningful rally.
BTC/USD is down 0.3 percent at $8,445 after bouncing from the low of $8,338 at which point it was down nearly 2 percent. On the daily chart, BTC's Saturday lows is $8,220 few dollars above the 50 percent fibonacci retracement of this entire rise from April lows, which is a significant support.
For this bounce to sustain Bitcoin should now try and target $8,604 which is 38.2 percent fibonacci retracement level only then can bulls come out of their hidings and show a brave face to bounce back above $9,000. Having said that, on the intra day 15-minute charts there are multiple resistances above $8,450 mark which would be a tough nut to crack in a low volume Sunday trading.
BTC/USD daily chart:
BTC/USD 15-minute chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.