BTC/USD Completes 50% Retracement – What’s next?

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!

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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