Baxia Markets
December 08, 2021

Bitcoin bounced 20% after breaking the 42,000 resistance.

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The cryptocurrency suffered a 21.75% loss but after breaking the 61.8% and 78.6% Fibonacci retracements that were support levels, then it managed to recover more than 15% in only three sessions which broke the 61.8% now resistance. 


The upper Bollinger band is starting to open up in the last two sessions, the pair traded below the lower band, suggesting that the price is relatively low, which is one of the reasons for the rebound, many investors bought the dip and boosted the price towards recovery.


BTC Nov 29th 2021


The relative strength index is at 36%, recovering from a low of 31%, which almost entered the oversold status. This level of RSI will allow the cryptocurrency to make an aggressive comeback, although this is not likely to happen, the environment would allow it.



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