Bitcoin is currently bouncing after suffering Tuesday’s 8.4% reversal. Momentum indicators have reset, and now it’s just a case of $BTC getting back above the resistance at $69,000. If $BTC isn’t successful, and a lower high is made, the present correction could continue, and take the king of the cryptocurrencies even lower.
A much needed green day
After Tuesday’s dump, many retail investors might have been on shredded nerves, and possibly on the verge of selling, if they hadn’t already done so. If new to the crypto market, witnessing such a strong down day would have been a test for anyone’s resolve.
That said, if traders made it till Wednesday without selling, they can now enjoy some green price action.
Bounce comes in
Source: Coingecko/Trading View
In the short term price chart above, it can be seen that $BTC traversed down inside the wedge pattern. Happily, the bottom trend line of the wedge coincided with good support, and the expected bounce did indeed
We współpracy z: https://cryptodaily.co.uk/2024/03/bitcoin-btc-bounce-needs-to-continue
