[Taklimakan Blog] Bitcoin Fails Bullish Breakout and Pulls Back to Support
Bitcoin bounced off the $41,250 resistance area and is now trying to find support. BTC has reached an area that could cause a rebound.
Failed bullish breakout
Bitcoin (BTC) reached a high of $41,330 on June 15, after which it began to decline. This high was marked inside the important resistance area formed by the $41.250 horizontal resistance and 0.382 Fibo retracement level. The price dropped below it on May 19 and has not closed above that level since.
A bullish breakout of this level could be the catalyst for a sharp rise in BTC.
However, despite the decline, technical indicators are still bullish. The MACD histogram is giving positive signals, the RSI is rising to the 50 marks, and the Stochastic Oscillator has formed a bullish crossover and is now growing.