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:

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