Bitcoin cryptocurrency can be expected to rise to the next resistance level 65000.00 (target price for the completion of the active minor correction ii).
- Bitcoin reversed from support zone
- Likely to rise to resistance level 65000.00
Bitcoin cryptocurrency is under the bullish pressure after the price reversed up from the support zone located between the pivotal support level 58400.00 (which stopped the previous minor impulse wave 1 at the start of June, as can be seen from the daily Bitcoin chart below) and the lower daily Bollinger Band. The upward reversal from this support zone is likely to form the daily Japanese candlewicks reversal pattern Bullish Engulfing – strong buy signal for Bitcoin.
Given the strength of the support level 58400.00, oversold daily Stochastic and the improved risk sentiment seen across the crypto markets on promising USA inflation data, Bitcoin cryptocurrency can be expected to rise to the next resistance level 65000.00 (target price for the completion of the active minor correction ii).
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