Bitcoin has reached a local minimum

On the Binance exchange, Bitcoin reached a local low of $ 46,930 on the night of Sunday to Monday, after which it received support from buyers. On the first business day of the week, Bitcoin shows an increase of 8.85% and is trading at $ 53,420. After a bloody weekend, the rebound from last week's low is 14.09%. Bitcoin capitalization has increased to $ 1.988 trillion. Bitcoin dominance is 50.3%.

Today's rebound follows the February 2020 scenario. We have similar shopper behaviors. In February, the price fell by 26%, to 43 thousand, in April - by 37%, to 46930. In February, the downward movement had three bases and in April, too. A sharp rebound was realized through pinbars (candles with long lower shadows).

Closing the day above $ 51,500 will fix a false breakout of the trend line at $ 50,500 from April 24th. Buyers need to jump 50% (55892) of the dip to regain control and neutralize the bearish sentiment. We keep the level of 60 thousand in sight.

Altcoins today show the highest performance in comparison with bitcoin. Eth has recovered to 2520 against all-time highs of 2645. It has good support from cross pairs (buying with alts and bitcoin), so there is a high likelihood of growth to the 2900-3000 zone this week. The main thing here is that bitcoin does not fall again, otherwise the alts fall in price faster than the first cryptocurrency.

Posted Using LeoFinance ^Beta