Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 86960.00 (which stopped the previous intermediate impulse wave (3) and the corrective wave B).
- Bitcoin reversed from key support level 82000.00
- Likely to rise to resistance level 86960.00
Bitcoin cryptocurrency recently reversed up from the support zone between the key support level 82000.00 (former strong resistance from May and September, as can be seen from the daily Bitcoin chart below), support trendline from the start of August and the 38.2% Fibonacci correction of the upward impulse from the middle of September. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Harami, which stopped the earlier impulse wave C of the intermediate ABC correction (4) from the end of September.Given the strong daily uptrend and the improving crypto sentiment seen today after the recent sell-off, Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 86960.00 (which stopped the previous intermediate impulse wave (3) and the corrective wave B).The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
