Baxia Markets
June 01, 2021

Could this be the end of the dip for Bitcoin?

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The cryptocurrency world takes a breather after most cryptos went up during the last two days. After struggling for three trading sessions where the cryptocurrency lost 12.29% of its value, the pair started to get back some of that lost ground. The price managed to close with gains during the last two sessions, which add up to 6.17%. 


Bitcoin May 31st

The relative strength index is coming back up and currently at 37%, allowing traders to start rebuying the asset at a lower price. Bitcoin will likely find resistance at the $38,203 level at our 23.6% Fibonacci Retracement. Bitcoin has not taken off after reaching a low of $30,066 that we had not seen since late January.


The Bollinger bands are closing up, which means that traders will find lower volatility in the markets, although they are still pretty broad. Extensive movements come unexpectedly in this asset class. For the 7th consecutive session, our parabolic SAR suggests that an uptrend is coming up. Do you think this is the bottom of the dip for Bitcoin?


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