BitcoinLong
Bitcoin ready to rebound?
Updated
After the pushback from the MA50Weekly and the breaking of the bearish flag, Bitcoin has screwed into a bearish trend slowed only by the 61.8% Fibonacci level, after a few days broken.
After the breakdown of the MA200Weekly there was the maximum moment of correction.
The #OnChain data indicates a massive build-up for most likely Retail users.
A rebound is more than likely (would follow SPX500 and classic markets,you can watch my analysis on SPX from a few days ago).
Next resistances among the most important in the short term, $22,300 - MA200 Weekly moving average and subsequently onchain volumes area at $23,500, then we have fibo level and onchain volumes area at 28/30 and then further resistances in the 36/40 area with the MA50Weekly.
The long-term trend remains bearish until further confirmation, but a rebound from this area is likely.
After the breakdown of the MA200Weekly there was the maximum moment of correction.
The #OnChain data indicates a massive build-up for most likely Retail users.
A rebound is more than likely (would follow SPX500 and classic markets,you can watch my analysis on SPX from a few days ago).
Next resistances among the most important in the short term, $22,300 - MA200 Weekly moving average and subsequently onchain volumes area at $23,500, then we have fibo level and onchain volumes area at 28/30 and then further resistances in the 36/40 area with the MA50Weekly.
The long-term trend remains bearish until further confirmation, but a rebound from this area is likely.
Trade active
Rebound that is taking place with great slowness and difficulty, a symptom of a difficult recovery.The key support remains 20079, below which it could trigger a selloff to the MA300 at around 16800.
A stop gain is recommended
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