Bitcoin cryptocurrency can be expected to rise to the next round resistance level 80000.00 (former support from the start of May).
- Bitcoin reversed from the pivotal support level 74800.00
- Likely to rise to resistance level 80000.00
Bitcoin cryptocurrency recently reversed up from the support zone lying between the pivotal support level 74800.00 (former strong resistance from March, which has been reversing all downward correction after it was broken in the middle of April, as can be seen from the dilly Bitcoin chart below), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from the end of March. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer, which stopped the previous intermediate ABC correction (2).
Given the bullish sentiment seen across the crypto markets today, Bitcoin cryptocurrency can be expected to rise to the next round resistance level 80000.00 (former support from the start of May).