Bitcoin has reversed strongly, how bullish is this?
Yesterday we had another strong sell-off for Bitcoin in the first part of the day and the cryptocurrency dropped under 34k floor.
However, after reaching 33k, bulls totally took control and Bitcoin has finished the day into the green.
Considering the almost straight line fall from 43k a deeper correction is not only normal but also healthy.
From a technical point of view, 34-34.500 zone should act as strong support and the first clear resistance is slightly above 38k
Speculators can look to buy dips under 35k with the mentioned target
A new low under 33k would negate this scenario.
Best regards
Mihai Iacob
However, after reaching 33k, bulls totally took control and Bitcoin has finished the day into the green.
Considering the almost straight line fall from 43k a deeper correction is not only normal but also healthy.
From a technical point of view, 34-34.500 zone should act as strong support and the first clear resistance is slightly above 38k
Speculators can look to buy dips under 35k with the mentioned target
A new low under 33k would negate this scenario.
Best regards
Mihai Iacob
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