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.

Manoj B Rawal Independent Analyst

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:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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