Bitcoin price climbing out of the darkness of the ‘crypt’
|- Bitcoin resumes the uptrend; reclaims position above $3,400.
- All the technical indicators remain positive while all eyes are set on $3,420 - $3,430 supply zone.
The cryptocurrency space is full of happy faces following the bullish reversal came to usher in the weekend trading sessions. Bitcoin slide below $3,400 mid this week seems to have been a death trap for the bears who have had their fair share of fun and games since the beginning of 2018.
The lower correction managed to find support at $3,344.12. However, the largest digital asset by market capitalization did not stay down for long as it bounced back up during the Asian trading hours due to the high concentration of the buyers at the demand zone, see the chart below. This move gave the bulls more confidence as they rushed to increase the number of buy entries. Bitcoin resumed the uptrend above both the 15-minutes 50-day Simple Moving Average and the 100-day SMA.
At press time, Bitcoin has reclaimed its position above $3,400. The bulls are starting to see the light of day after being in the dark ‘crypt’ for far too long. All the technical indicators remain positive while all eyes are set on $3,420 - $3,430 supply zone. Bitcoin must correct above this zone in order to open the door for more gains that could touch $3,500 in the medium-term.
Meanwhile, support is established at 3,400, another one $3,360 and the demand zone at $3,344.12 will act as a bouncing wall in case of a trend reversal.
BTC/USD 15' chart
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