Bitcoin is back with a bang as it kickstarts the new month on a positive note. Before closing yesterday, Bitcoin has initiated a price recovery after it found a support level below $8440.
Bitcoin has rebounded noticeably and it has already formed a few higher highs while tracing a bullish trendline. BTC is evidently bullish as it has just traded above the 100% Fib level.
Yesterday, before the ongoing price rebound took place, the BTC price was strongly pulling back after it went as high as $8738. The coin has again traded above $8700 and the $9000 price mark is not too far from here.
The year-to-date chart of Bitcoin shows how the larger part of 2020 has been bullish for the coin and eventually for the market. However, the price of Bitcoin is facing a steep pullback since mid-Feb this year.
With the start of this month, Bitcoin has started to move up and it has just crossed the 50% Fib level after it dipped near 61.80% Fib level recently. If we consider a buying opportunity at that dip, stop loss must stand at $7751. Also as per the Bitcoin projections, the target price regarding the same should be above $9000.
Notably, the 200-day EMA line has been crossed by the price trend with a fall, noting a negative sign for BTC. Bollinger bands, at the moment, are not showing any major price fluctuation as they seem narrow. MACD chart is in the bearish zone but is having its MACD line on the upside.