Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level 60000.00
– Bitcoin reversed from support zone
– Likely to rise to resistance level 60000.00
Bitcoin cryptocurrency recently reversed up sharply from the support zone located between the strong support level 56000.00 (which has been reversing the price from the start of May, as can be seen from the daily Bitcoin chart below) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer – which can be a strong buy signal for Bitcoin if the cryptocurrency closes today near the current levels.
Given the strength of the aforementioned support level 56000.00 and the oversold reading on the daily Stochastic indicator, Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level 60000.00.
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