11.03.2022 07:44 AM
Bitcoin continues to drift sideways within the range between $35,000 and $45,000 levels respectively. The crypto is either consolidating within a bearish triangle or preparing to complete its counter trend rally towards $48,000-50,000 mark going forward. Bottomline remains the $33,000 interim lows and prices should remain higher to ensure further bullishness.
Bitcoin has dropped yet again to potential support zone around $38,500 on Friday and a bullish bounce can be expected here. If prices are able to hold above $34,500 levels, bulls would remain inclined to push through $50,000 mark in the next few trading sessions. A break above $46,000 will confirm the same.
Bitcoin is working on the downswing between $69,000 and $33,000 levels. The Fibonacci 0.618 retracement of the above drop is also seen around $55,000 mark. Hence probability remains high for a bearish turn if prices manage to reach there. Any push above the $61,000 mark will open doors to test $69,000 mark going forward.
Potential rally through $50,000 against $33,000
Good luck!
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
