Bitcoin jumped sharply towards the $20,200-300 area intraday on Tuesday, after testing the $18,700 lows over the weekend. The crypto has appreciated by around 8% in the last two trading sessions in line with our forecast. It is seen to be trading close to $20,225 at this point in writing and has got room left towards $21,000 at least in the near term.
Bitcoin is facing immediate price resistance at around $22,800 and a break higher will open the door to re-test $25,000 and target up to $29,500 in the next several trading sessions. Also, turn attention to the immediate resistance trend line connecting $25,000 and $22,800 highs on the chart. A push through will further confirm that the bulls are back in control.
Bitcoin will be facing some resistance at around $20,900 in the near term, which is the Fibonacci 0.618 retracement of recent drop between $20,800 and $18,200. A break through $20,900 will be another confirmation that the bulls are poised to push through near-term resistance and target towards the $29,500 mark.
Potential rally towards $29,000 against $18,000