RATE Group | Further recovery to gain traction above 61.8% Fib
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Further recovery to gain traction above 61.8% Fib

22 Mar Further recovery to gain traction above 61.8% Fib

Posted at 05:57h in Bitcoin News by

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  • BTC/USD reverses half the Friday’s sell-off, flashing green on Sunday.  
  • BTC bulls look to consolidate before the next push higher.
  • Two consecutive Doji candles on daily chart to be a concern for the bulls?

Bitcoin (BTC/USD), the world’s largest cryptocurrency, consolidates Saturday’s sharp recovery from a drop to 5861.85 lows, as the bulls take a breather before the next push higher. The No.1 coin has reversed half the Friday’s slump to sub-5700 levels and now trades +2% near 6325 region after the recovery fizzled out near 6450. In Sunday’s trading so far, Bitcoin’s market capitalization has increased to $115.35 billion from about $112 billion seen on Saturday while it remains on track to book a 20% weekly gain.

Technical Overview

BTC/USD 1-hour chart

 

Technically, as observed on the hourly chart, the coin has risen back above all major Simple Moving Averages (HMA), with the immediate upside capped around 6450 region, the 61.8%

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