Considering the evident daily uptrend and the prevailing bullish sentiment in the cryptocurrency markets today, Bitcoin is expected to climb to the next resistance level of 120000.00, which previously halted a prior upward movement.
- Bitcoin has rebounded from a support zone
- It is anticipated to reach the resistance level of 120000.00
Recently, Bitcoin cryptocurrency reversed its direction from a support area encompassing the key support level of 111830.00 (a previous monthly peak from May, as indicated on the daily Bitcoin chart below), the lower daily Bollinger Band, and the 50% Fibonacci retracement level of the significant upward momentum from the end of June. The upward turnaround from this support region formed a Bullish Engulfing pattern in the daily Japanese candlesticks, initiating the active impulse wave ii within the higher-order impulse wave 3 since June.
Given the unmistakable daily uptrend and the notably bullish market sentiment in the cryptocurrency sphere today, it is foreseeable that Bitcoin will ascend towards the subsequent resistance level of 120000.00, where a previous rally was halted.
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