BTC/USD Completes 50% Retracement – What’s next?
Arslan Butt • 1 min read
Bitcoin finally managed to come out of the sideways trading range of $6,225 – 6,625 to complete 50% retracement on the daily timeframe. BTC/USD has a bullish crossover on the 50 periods EMA at $6,955 and the intraday candle closed right above it.
Now it’s sort of a confusing situation. Although there’s a bullish crossover which is signaling a bullish trend in the cryptocurrency. But at the same time, we can also see a doji candle below 50% retracement level which is signaling that bulls are exhausted.
So we can expect a slight bearish pullback below $7,100 until $6,800. Whereas, the BTC/USD can continue its bullish trend until $7,385 on the violation of $7,100. All the best!