Search ForexCrunch
  • Bitcoin trades 3.41% higher on the session as crypto sentiment improves.
  • Now the price has moved higher, there is a resistance level close by.

BTC/USD Daily Chart

Bitcoin has fallen from grace in recent session but today we have seen a move back up.

After bouncing off the 50% Fibonacci level the price is now edging toward a resistance.

The price is now either in a new downward Elliott Wave formation or a consolidation phase. 

If the level marked with the black line on the chart holds then it is more likely we are in a downward Elliott formation. 

If the 9,309.77 level is conclusively broken and the candle closes above then this could have just been an ABC pullback. 

So the next few sessions are important then.

Bitcoin pullback

Additional Levels