Bitcoin (BTC/USD) has edged higher after briefly dipping below $30,000.
Will the bounce lead to a short-term reversal for the volatile crypto?
Here’s what’s happening on BTC/USD’s 1-hour time frame:
In case you missed it, Bitcoin tested the $30,000 major psychological handle not once but TWICE so far this week.BTC/USD is now trading closer to $32,000 which is near the “neckline” of a Double Bottom pattern on the 1-hour time frame.
Will the last bounce from $30,000 translate to a short-term reversal for BTC/USD?
Take note that the Double Bottom’s “neckline” is not far from the 100 SMA. If BTC breaks above the neckline and the 100 SMA, then BTC/USD could head for the $34,000 or even the $35,000 areas of interest.
Of course, we could also be seeing the start of a short-term range for BTC/USD.
If today’s headlines feed the markets’ concerns over higher interest rates and lower global growth, then traders could continue to sell the volatile crypto against the safe-haven dollar.
BTC/USD could retest the $30,000 mark and even make new monthly lows in the next trading sessions. Yikes!
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