Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level 90000.00, which reversed earlier waves iv and ii.
- Bitcoin reversed from support area
- Likely to rise to resistance level 90000.00
Bitcoin cryptocurrency recently reversed up from the support area located between the strong support level 80770.00 (former monthly low from November, as can be seen from the daily Bitcoin chart below) and the lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer, which stopped the earlier short-term impulse wave iii, which belongs to the C-waver of intermediate corrective wave (4) from the start of October.
Given the strength of the level 80770.00, oversold daily Stochastic and the bullish sentiment seen across the cryptocurrency markets today, Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level 90000.00, which reversed earlier waves iv and ii.
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