The finally positive news is pouring into the cryptocurrency market. This is easing the selling pressure, or even attempting a major technical bounce.
Bitcoin - Weekly chart
In the medium term, a technical rebound would only be possible if the Weekly Tenkan is broken. This is what is currently happening. However, we need this candle to close at the same level to confirm the signal!
Note that such a situation would be a great argument to hope for a return to the top of the weekly cloud, located at $33.000. This famous resistance remains the No. 1 target for buyers over the medium term.
Finally, the bright spot comes from the $25.000 area, which has played a wonderful supportive role. And this despite the high volatility of the past week. Proof that many traders were waiting to buy on an important technical level.
Bitcoin - Daily chart
The daily view is once again encouraging.
Yesterday prices staged a powerful bullish reversal, to attempt a daily cloud draw today. This is very good. However, the Lagging Span is still blocked by this $28.800 cloud top.The latter therefore is not yet confirming the bullish signal that prices are sending.
It should be noted, however, that the buyers have been able to recover a lot of strength, as the main resistances still blocked the road. A close above the daily cloud would be a powerful scenario for a return to last April's highs. And also to aim for the $33.000 area as the next short-term target.
The MACD histogram divergence then worked perfectly. This has resulted in a high quality bullish signal. This has been a big plus for the buyers. Bitcoin has broken out of this complex technical zoneWe now need to confirm the current bounce… Stay tuned.
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