CRYPTOSCARFACE

The corrected Bitcoin is again heading for $ 60K

BINANCE:BTCUSDT   Bitcoin / TetherUS
As you know, April was a really crazy month for Bitcoin . At first we witnessed a new ATH , but then a bloody dump during which BTC suffered a loss of almost $ 20K.

Ultimately, however, even this dangerous liquidity did not deter traders, and Bitcoin is growing again.

In terms of market and technical analysis , perhaps the most important fact is that Bitcoin rebounded twice from support at $ 50K during the month. This area has thus automatically become a kind of safe haven, giving the bulls even more certainty for continuing the way up.

It is also necessary to mention the Relative Strength Index , which measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price. The RSI needed to cool down on 1D / 1W time frames because it had been overbought here for a long time.

Bitcoin is trading around $ 59K at the time of writing and is highly likely to continue higher. But what is important to note is the fact that we have now entered a long-term problematic reverse zone. This area, ranging from $ 58,200 to $ 62,000, has convinced us many times that it's not easy for BTC traders here.

Technical analysis
Confirmed support at $50K - $48K
Next support in the area of ​​$42K - $43K
Key support in the area of ​​$28K - $30K
The $58,200 to $62,000 range is a confirmed reversal zone

Read the analysis also on CCnews24