BTC/USD has Dropped Enough – Is it Going to Bounce off Now?

The BTC/USD is holding above a significant support zone of $3,775 with a very high probability to reverse upward. On the upper side...


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.

Good luck!

 

 

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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