​Bitcoin Resumes Ascent And Bounces Further Off Support Zone

(MENAFN- DailyFX (IG)) ​Bitcoin bullish scenario:

​Bitcoin's recovery from last week's lows is grappling with its early June high at $110,617.03.

​If overcome on a daily chart closing basis, the resistance area between the May high and early August low at $111,982.45-to-$111,965.80 would likely be next in line but may, at least short-term, cap.

​For the medium-term bullish trend to resume a rise above the late August high at $113,510.23 would need to occur.

​Bitcoin bearish scenario:

​Support below the 26 August low at $108,757.90 comes in at last week's lows at $107,412.82-to-$107,286.25.

​Were this support area to give way on a daily chart closing basis, the early July low at $105,105.03 may be revisited.

Bitcoin daily candlestick chart Source: TradingView Important to know

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