- Bitcoin resumes uptrend above $3,500; market is mixed red and green.
- Bitcoin all-time high anniversary sees a trend reversal from the free fall.
The marketed reacted positively on Monday as Bitcoin reclaimed position above $3,500. Other assets joined Bitcoin in the upward retracement move putting a stop to the free fall that has dominated the market since November.
According to Cointelegraph, the bullish move comes after Bitcoin had broken down to exchange hands near the 15-month low. At the time of press, Bitcoin is changing at $3,527 after bouncing from the slide below $3,500. It has corrected higher by 0.65% on Tuesday. On this day last year, Bitcoin danced around its all-time highs for the second day. Bitcoin price almost hit $20,000 on most exchanges while some exchanges showed that Bitcoin had broken above the $20,000 mark.
Bitcoin price technical picture- Confluence Detector
As discussed in an earlier published article, Bitcoin had slipped back into the range between the current short-term support at $3,500. The Relative Strength Index on the 1-hour time frame chart is back in the overbought territory after the slide earlier today. The same trend is emphasized by the DMI on the same chart which is heading upwards at the time of writing.
Bitcoin has broken above the strongest resistance at $3,500. As predicted, this move is expected to ignited gains towards $3,600. Above this level, Bitcoin will face resistance at $3,673.91 and at $3,783.42. On the other hand, the initial support rests at $3,454.91 while the next support area follows closely at $3,418. If the reversal occurs below the above support areas, BTC/USD will find balance at $3,345 and finally at $3,199.40.
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