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Bitcoin reverses from support zone, eyes resistance near 65,225

Bitcoin bounced off a support area around 62,420 and is expected to push toward the next resistance level at 65,225, according to Action Forex.

Reported · Written up by our desk · Market Structure

Bitcoin has reversed upward from a support zone around 62,420, following a move involving the lower daily Bollinger Band and the 50% Fibonacci correction of an earlier upward impulse from July, Action Forex said.

The outlet added that the reversal halted an earlier short term impulse wave iii from the top of the sideways price range, and that improved sentiment across crypto markets could support further gains.

Action Forex expects Bitcoin to rise toward the next resistance level at 65,225, described as the upper border of the active price range.

Latest closeBitcoin $64,162.01 ▲2.1%

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