[ad_1]
The daily chart shows that BTC rejected a move above the $89,000 level on March 24 and this prompted a 6-day pullback that pushed the top crypto back to the low 80,000s.
However, the price rose sharply after tagging the $81,300 area, which coincides with the 61.8% Fibonacci.
Traders consider this retracement a deep-value and highly probability area for a long position if the dominant trend is bullish.
In the case of Bitcoin (BTC), the price action has not yet made a higher high as the token has failed to break above its trend line resistance until now.
Momentum indicators have not yet confirmed a bullish outlook as the Relative Strength Index (RSI) has retested the signal line after sending a sell signal a few days ago. A break below the 61.8% Fibonacci would confirm a bearish outlook and would make this sudden spike in its price a “dead cat bounce”.
For now, BTC seems poised to rise by another 5% to retest its nearest lower high or it may also move higher, to around $92,500, if this retracement is confirmed.
ETH Makes Double-Bottom – Can It Reclaim the $2,000 Level?
Ethereum’s situation is different from BTC’s as it faced a sharper downturn than the latter during last week’s sell-off.
[ad_2]
