According to Transfero’s chart analysis, after the bitcoin price reaches the last Fibonacci target (1) of the bearish flag on the daily chart at around US$25.4 thousand, it is noticed the formation of a double bottom (2), which refers to a reversal figure. “This could indicate a possible change from a bearish trend to an uptrend”, the analysts stated.
According to Transfero, such configuration is currently ongoing (considering the date this analysis was done on May 19). Thus, if confirmed, we can preview BTC in the short term between US$ 38,000 and US$ 39,000.
On the other hand, if this reversal is not confirmed, we may have the persistence of bitcoin’s current bearish movement, with the next stop being at 25,000 points.
Trade bitcoin and other crypto assets at Transfero Crypto with deposit and withdrawal in Brazilian Reais.