Bitcoin (BTC) is still on its way up, after yesterday’s strong rally, April 26, 2021. BTC returns to $ 55,000 today, April 27, 2021.
The $ 58,000: pivotal level
After hitting $ 54,379, Bitcoin bottomed at $ 52,553 overnight yesterday.
The BTC subsequently began to climb to $ 55,231 on Bitfinex today. It is trading at $ 54,845 at the time of writing.
Bitcoin Currently registering a daily increase of 1.32% to a daily profit of $ 715. The daily RSI (14) is now in a neutral zone. It amounts to 47.
For the founder of the analysis company Northman Trader, the key Fibonacci level to watch is 0.618 Fib which sits at $ 58,000. This level is at the same time a major support to be conquered and an important resistance to be broken in order to be able to regain the $ 60,000.
The February ATH was also around $ 58,000. Bitcoin had remained at levels close to the latter for weeks.
Nothing new for the $ 100,000
The fund manager Dan Tapiero tweeted today where he said he has been “inundated” with questions from his customers regarding the recent low in Bitcoin.
Tapiero wanted to be reassuring. His forecast of a BTC at $ 100,000 remain unchanged. Tapiero therefore shares the opinion of Plan B for whom the recent significant drops are quite normal compared to Stock-to-Flow.
On the other hand, it is difficult to envisage a BTC at $ 92,000 at the end of April 2021 as forecast a few days ago Plan B. For the bulls, the stake in the very short term is to end this month in the green, like the 6 previous ones.
Bitcoin has so far absorbed its losses from April 22 to 25, 2021, and just under half of the losses from April 21, 2021.
It will need to cross the $ 56,000 mark to start tackling the big red candlesticks of the April 18, 2021 crash.
The bulls have come halfway between the $ 50,000 and the $ 60,000. A month of April 2021 in the green is still possible. Tomorrow is a crucial day that could validate a lasting recovery of the bullish rally. A 3rd consecutive green daily candlestick of “sufficient” size could drive out feelings of fear and doubt in the markets. Euphoria and optimism remain bulls’ best friends.
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The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.