Given the strength of the support level 63350.00 and the predominantly bullish sentiment seen across the cryptocurrency markets today, CHFJPY currency pair can be expected to rise to the next round resistance level 70000.00.
- Bitcoin reversed from key support level 63350.00
- Likely to rise to resistance level 70000.00
Bitcoin cryptocurrency recently reversed up from the support area between the key support level 63350.00 (which has been steadily reversing the price from May, as can be seen from the weekly CHFJPY chart below), lower weekly Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from the middle of 2023. The upward reversal from this support area stopped the earlier short-term impulse wave 1, which belongs to the downward weekly impulse wave (C) from the start of this year.
Given the strength of the support level 63350.00 and the predominantly bullish sentiment seen across the cryptocurrency markets today, CHFJPY currency pair can be expected to rise to the next round resistance level 70000.00.
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