As Bitcoin Dumped from $57,000 to around $42,000, Bitcoin seems to recover and targeting a major resistance at $50,000. Will Bitcoin Hold and breakout of this resistance or not really?

Bitcoin Technical Analysis

As Shown in the chart above, Bitcoin price might go up to around major resistance at $50,000-$51,000 then making another leg down to $40,000 – $40,700 support Level.

While Sentiments in crypto markets are showing extreme fear as per the fear and greed index, Bitcoin must hold the $40,500 level if bitcoin drop again in order to continue moving upwards otherwise we might see $37,500 – $35000 in the short term.

Surprisingly, Ethereum has shown fast recovery after the dump with price going back above $4000.

Conclusion

Bitcoin looks bullish as far as it does not break the major support at $40,500 which is unlikely too. This correction was due as per technical analysis. Bitcoin needs to break above $50,000 in the short term otherwise we might see bitcoin dropping to major support at $40,500 – 40,700 levels.

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Gagan Dhingra

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