BTC/USD has Dropped Enough – Is it Going to Bounce off Now?
Arslan Butt • 1 min read
What’s up, traders.
Looks like, the BTC/USD traded mostly in line with our forecast Bitcoin Continues to Crash- Is BTC/USD Going After $5000? Bitcoin not only tested the $5,000 level, but also plunged below it. But the bearish momentum seems to halt for now.
All this began on the violation of the descending triangle pattern – the one we spoke about on November 19, which led BTC/USD towards $3,800. The lead cyrpto pair has been shoved into the oversold zone and at the same time, the pair has closed a doji pattern on the daily timeframe.
To me, it looks like a signal that the sellers are exhausted and bulls are ready for an opportunity to buy an oversold currency. So, here’s something we can expect. BTC/USD is holding above a significant support zone of $3,775 with a very high probability to reverse upward. On the upper side, BTC/USD is likely to go after $4,400 at first and then towards $5,000. Let me make it clear that, the bullish reversal is highly dependent on $3,775 support.