фото показано с : beincrypto.com

On May 21, the Bitcoin price decreased considerably and created a bearish engulfing candlestick in the process.

However, the price has bounced at a likely reversal level and has possibly begun a retracement.

The Bitcoin price has been following an ascending support line since the March 13 bottom. However, the exact slope of the line is not yet confirmed.

Yesterday, the price created a bearish engulfing candlestick which created a small lower-wick once it reached the ascending support line, indicative of a possible bounce.

However, the $8,550 level is a confluence of stronger support levels, more specifically the ascending support line, the $8,550 horizontal support, and the 50-day moving average (MA), which has just made a bullish cross with the 200-day MA.

In the short-term, we can also see that the price is trading inside a minor support level at $9,000. However, it has lost the support of the 25-day MA. The decrease seems valid since it occurred with significant volume.

BTC looks likely to either re-test the $9,400 level and confirm it as resistance, or immediately drop to the $8,550 area, as outlined in the previous section.

The hourly chart makes it look likely that the price is ready to begin a retracement.

First, it bounced on the 0.618 Fib level of the entire upward move, a very common reversal level. Also, this bounce was combined with an extremely oversold value in the RSI. The last time this occurred, the price initiated a significant upward move.

Finally, BTC has already broken out above a very short-term descending resistance line, a sign that the price is likely to move upwards, with the first resistance level being found at $9,250. Afterward, the price is expected to continue its downward movement towards $8,600.

To conclude, the Bitcoin price has reached a minor support level and initiated a bounce. While the price is likely to increase initially, it is expected to eventually resume its downward movement towards $8,600.

For those interested in BeInCrypto’s previous Bitcoin analysis, click here.

The post Bitcoin Reclaims $9,000 After Strong Rejection appeared first on BeInCrypto.

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