Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 86960.00 (which stopped the previous impulse wave (1) at the end of September).
- Bitcoin reversed from support zone
- Likely to rise to resistance level 86960.00
Bitcoin cryptocurrency recently reversed up from the support zone between the key support level 80800.00 (former strong resistance from May and September, as can be seen from the daily Bitcoin chart below), lower daily Bollinger Band and the 50% 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 Engulfing, which completed the intermediate ABC correction (2) and then broke the daily down channel from the start of October – accelerating the active minor impulse wave i of the intermediate impulse wave (3).
Given the strong daily uptrend and the improving bullish crypto sentiment seen today on the renewed inflows into US spot Bitcoin ETFs, Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 86960.00 (which stopped the previous impulse wave (1) at the end of September).