Bitcoin (BTC) Attempts to Reclaim Crucial $44,000 Level
After increasing considerably since Sept 21, Bitcoin (BTC) is in the process of reclaiming the $44,000 horizontal area.
BTC is trading inside the upper portion of a descending parallel channel, from which a breakout is likely. However, it’s also facing short-term resistance.
BTC attempts to reclaim support
On Sept 22, BTC created a bullish engulfing candlestick after bouncing at the 0.5 Fib retracement support level at $40,800.
It resumed its ascent the next day and has moved above the $44,000 area. The area previously acted as support and is now expected to act as resistance.
However, BTC reached a close above it and is now in the process of validating it as support. Doing so would be a major bullish development.
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