Buyers reacted yesterday to the king of cryptos falling since the weekend. They have thus pushed bitcoin (BTC) up 7% since Tuesday’s low. This crypto is currently close to Saturday’s opening price. This is the next hurdle that buyers will have to face.
Green candles chain on bitcoin
Since yesterday’s low, the price of BTC currently sits at $16,500. This is the first bullish impulse since the week of November 7, marked by the fall of FTX. Indeed, bitcoin lost 25% in value during this period. And since then, there had been no signs of a rise, except since yesterday. Indeed, the green candles are currently linked on the hourly chart of bitcoin. Which has allowed BTC to rebound 7% from yesterday’s low.
This rise could continue, but buyers will still have to overcome several obstacles. The closest support is found at $16,690. This is the opening price for the weekend session. If the pressure from the bulls allows bitcoin to cross this level, we can envisage a rise towards $17,800. This is the next resistance for the price. However, the most critical hurdle is found higher up around $19,929. This level lines up with the 78.6% level of the Fibonacci tool if we measure the distance of the fall from $21,082 to $15,695.
The price target for this week?
With the twists off the $15,695 support, it can be concluded that bitcoin will close this week in the green. Thus, we can envisage the crypto leader reaching $17,800 by Friday. Nevertheless, if the current rally persists, we can place the price target at $19,929. This is a very relevant psychological level. For a long position opened from $15,500, taking profit on this level would be very interesting.
Although this bullish impulse seems very strong, bitcoin is still very “ bearish over the medium and long term. Bitcoin may even drop as low as $12,500.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
