BTC/USD Rebounds After Failing to Defend March Low
BTC/USD stages a three-day rebound after failing to defend the March low ($59675) last week, and Bitcoin may no longer track the positive slope in the 50-Day SMA ($65914) if it struggles to trade back above the moving average.
BTC/USD Outlook
BTC/USD registers a fresh monthly high ($65949) as it carves a series of higher highs and lows, with a breach above the April high ($72727) bringing the March high ($73791) on the radar.
Next area of interest comes in around $77786 (161.8% Fibonacci extension), but lack of momentum to trade back above the moving average may curb the bullish price series, with a close below the $62220 (23.6% Fibonacci retracement) to $62780 (100% Fibonacci extension) area raising the scope for a move back towards $57590 (78.6% Fibonacci extension).
Failure to defend the monthly low ($56525) may push BTC/USD towards the $53510 (61.8% Fibonacci extension) to $55130 (38.2% Fibonacci retracement) region, with the next area of interest coming in around $49360 (50% Fibonacci retracement) to $50650 (50% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
BTC/USD Outlook
BTC/USD registers a fresh monthly high ($65949) as it carves a series of higher highs and lows, with a breach above the April high ($72727) bringing the March high ($73791) on the radar.
Next area of interest comes in around $77786 (161.8% Fibonacci extension), but lack of momentum to trade back above the moving average may curb the bullish price series, with a close below the $62220 (23.6% Fibonacci retracement) to $62780 (100% Fibonacci extension) area raising the scope for a move back towards $57590 (78.6% Fibonacci extension).
Failure to defend the monthly low ($56525) may push BTC/USD towards the $53510 (61.8% Fibonacci extension) to $55130 (38.2% Fibonacci retracement) region, with the next area of interest coming in around $49360 (50% Fibonacci retracement) to $50650 (50% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
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