Bitcoin Technical Analysis Report 26 March, 2024

Dmitry Chernovolov Market Analyst

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 73400.00 (which stopped the previous minor impulse wave 1 in the middle of this month).

– Bitcoin reversed from round support level 60000.00,

– Likely to rise to resistance level 73400.00

Bitcoin cryptocurrency recently reversed up with the daily Bullish Engulfing from the powerful round support level 60000.00, which also reversed the price sharply at the start of March, as can be seen from the daily Bitcoin chart below. The support level 1.2570 is strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the previous sharp upward impulse 1 from January. The upward reversal from the support level 60000.00 started eth active short-term impulse wave 3 of the higher order impulse wave (3).

Given the clear daily uptrend and the resumption of the bullish sentiment across the cryptocurrency markets seen today, Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 73400.00 (which stopped the previous minor impulse wave 1 in the middle of this month).

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