Bitcoin Bounces Back: Bullish Pin Bar Signals Potential Upside
Updated
On Friday, following the release of the NFP data, Bitcoin experienced a sharp drop. However, by the end of the day, the price failed to gain further downside momentum, and instead of continuing lower to test the support of the flag formation (where Bitcoin has been trading for the past six months), it reversed to the upside.
Moreover, yesterday, Bitcoin formed a Bullish Pin Bar on the daily chart, signaling a potential higher low. At the time of writing, Bitcoin is trading at $58,200, just below a local resistance zone, with a good chance of breaking higher.
The next key levels for bulls to watch are the 61k resistance zone, followed by the significant confluence area at 65k. As long as Bitcoin stays above yesterday’s low, the bullish outlook remains intact.
Moreover, yesterday, Bitcoin formed a Bullish Pin Bar on the daily chart, signaling a potential higher low. At the time of writing, Bitcoin is trading at $58,200, just below a local resistance zone, with a good chance of breaking higher.
The next key levels for bulls to watch are the 61k resistance zone, followed by the significant confluence area at 65k. As long as Bitcoin stays above yesterday’s low, the bullish outlook remains intact.
Trade active
Btc finally broke above short term resistance
The next target could be 61.500
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