November 26, 2022

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Bitcoin snaps back in rise to $35,000

1 min read

Impressive rebound

Bitcoin looked like it would be left for dead yesterday after a break of the wedge but it has stormed back. It’s up $1580 today to $35,223 — a two day high.

I think this will ultimately be a dead-cat bounce as we retest $30,000 but this is the third time buyers have aggressively bought below $33,000 and you can see that in the three long candles over the past month.

Bitcoin chart

To truly shake off the negativity, I would like to see a close above $36,800 or $37,000. If so, the 200-day moving average at $41,990 might be back in play.
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