PrimeXBT calls your attention to a technical analysis overview of BTCUSD.
Fundamental Analysis / News:
The largest cryptocurrency by market value is currently priced around $6,030, representing a 126% rise from its December 15, 2018 lows of $3,122. From a macro perspective, Bitcoin’s massive rise from these lows is incredibly bullish, and should not be overlooked.
Technical Analysis:
From December 2018 to March 2019, Bitcoin's price broke through the key support line and started its downward movement in a previously established channel, while also forming a falling wedge that is typically a bullish reversal pattern.
The main impetus for BTC finding enough support to reverse this trend was the 0.786 and 0.618 Fibonacci levels, which marked the final leg of the bearish trend.
Will this same pattern repeat itself? It seems as though this is a strong possibility while looking at this chart comparison.
Current support zone: $6,800 - 6,950
Market Cap: $129 271 031 978
Volume (24h): $17 657 034 546
Circulating Supply: 18 104 825 BTC
Share your thoughts and suggestions regarding BTCUSD’s current price action in the comment section below!
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