Bitcoin maintains bullish stance after a limited pullback

Bitcoin regained traction after pulling back from new multi-month high (21638) and falling by 2.6% on Wednesday, as more hawkish than expected stance from Fed temporarily soured the sentiment.

Larger bulls remain intact after the pullback found footstep above initial support at 20316 (broken 50% retracement of 25194/15437 bear-leg) which guards psychological 20000 support and keep this week’s large gap unfilled, maintaining bullish bias.

This sets stage for bullish continuation, although the action may stay on hold for prolonged consolidation, as daily studies are overbought.

Firm break of cracked Fibo barrier at 21467 (61.8%) would generate fresh bullish signal for acceleration towards 22892 (Fibo 76.4%) and 24547 (200WMA) in extension.

Res: 20947; 21467; 21638; 22000

Sup: 20606; 20316; 20000; 19861