Bitcoin could start to resume bullish bias, looks for the $3165 level

Bitcoin could start to resume bullish bias, looks for the $3165 level

Bitcoin, quoted in USD, is already trapped in an interesting area where buyers could help to boost the cryptocurrency towards record highs in the mid-term. During last weeks, headlines that called for a massive crash in BTC/USD added pressure in the bearish bias and that’s why we’re seeing a consolidation below $2600. Our Fibonacci forecast is showing that a demand zone has been established between $2438 and $2299.45 (50% - 61.8%), which could send the pair to test the $3165.79, where is located the -23.6% Fibonacci retracement level.

RSI indicator is trying to turn positive at H4 chart, favoring the bullish outlook.

BTCUSDH4.png

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