In the short term the title could correct.
39340 is our pivot
Predictable scenario: as long as support at 39340 holds, we can point towards 43159
Alternative scenario: below 39340, targets at 37882 and 37014
Bitcoin's rebound that saw it recover above 40k levels expanded slightly yesterday as the leading cryptocurrency climbed to a session high of 41,020. Perhaps it's no surprise that the high point came just before the London 4pm correction, as is often the case. When this happens, it usually leads to an intermediate reversal and this is exactly what happened yesterday when Bitcoin fell below 40k again, down to 39.375. That move was primarily a profit taking and therefore was reversed at the start of today's Asian session. This saw a rebound up to 40,846. It has backtracked from there now that European markets have reopened, but not significantly. The next big hurdle for Bitcoin remains the 200-day moving average which is still rising and comes into play today at 42,576. This is a level that is likely to provide significant technical resistance if the price can rise further to test the level.
I add Camarilla pivot points for intraday trading:
And also those of ETH:
For those who follow me on telegram, our stop (which later became a profit) is 39340.
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
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Thanks for reading
Gafico from tradingview.com
