[ad_1]
\n<\/p>\n
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.<\/p>\n
However, the price rose sharply after tagging the $81,300 area, which coincides with the 61.8% Fibonacci.<\/p>\n
Traders consider this retracement a deep-value and highly probability area for a long position if the dominant trend is bullish.<\/p>\n
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.<\/p>\n
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 \u201cdead cat bounce\u201d.<\/p>\n
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.<\/p>\n
Ethereum\u2019s situation is different from BTC\u2019s as it faced a sharper downturn than the latter during last week\u2019s sell-off.<\/p>\n
[ad_2]<\/p>\n","protected":false},"excerpt":{"rendered":"
[ad_1] BTC\/USD Daily Chart (Binance) \u2013 Source: TradingViewThe 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 \u201cdead cat bounce\u201d. 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 \u2013 Can It Reclaim the $2,000 Level? Ethereum\u2019s situation is different from BTC\u2019s as it faced a sharper downturn than the latter during last week\u2019s sell-off. [ad_2]<\/p>\n","protected":false},"author":1,"featured_media":41186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-41185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t