42-42.3K looks interesting

by David

Greetings everybody,

BTC shows excellent performance, especially if we take into consideration strength of US Dollar right now. Now price hits nearest 45K target. Some technical issues suggest downside pullback that might be different depth. From the one point of view - pullback should be 50-60% because BTC at weekly oversold and formed bullish reversal swing. Previous bearish momentum is strong enough still. From another one - BTC shows strong resistance to bearish factors, COP is minimal target.

That's why now we consider 42-42.3K area as first level that is suitable for long entry. This is strong support and even market later follows deeper - at the first touch it should show solid upward bounce, that we intend to use for stop moving to breakeven. This is our tactics here for the beginning of the week. Our next upside target is 51K area - major daily 5/8 Fib resistance and AB-CD target Agreement.