Bitcoin (BTC/USD): a buying wave could hit soon once again

Bitcoin (BTC/USD): a buying wave could hit soon once again

The volume of trading has not been high enough to cause volatile movements in the Bitcoin during the last days. The price remains above the 200-hour moving average and, according to our projections of the Fibonacci theory, we expect the support levels to remain intact in the short term.

We currently observe that the Fibonacci level of 23.6% continues to be an important pivot for the BTC/USD pair and once a breakout occurs above the highs of April 25, we could see a rebound towards the key psychological level of 10,000 However, as long as the Parabolic SAR remains under pressure, we expect the sellers to be favored in the coming hours.

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