Today we see a strong rebound for Bitcoin right after the weekly candle close. A few simple questions come to mind right away: “Is the correction over?” and “How to know if this rebound is real or false?”
Technical analysis can answer those. Bitcoin had a bearish close on the daily and weekly timeframes, in 2 days we will have the monthly close. We can consider the bullish bias again if Bitcoin can break and close above the $59,500 to $62,000 price resistance range.
Any trading below this level is just a short-term pullback and not strong enough. But if we can see prices above $62,000, that would easily signal potential for additional growth.
Nonetheless, this rebound is looking pretty good as prices are challenging EMA50. This bounce is good for the Altcoins.
The longer that Bitcoin stays strong, the better it is for the market as a whole.
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DISCLAIMER: The article is predictive, not calling for investment. Every decision is yours to decide.