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29.07.202013:08 Forex Analysis & Reviews: BTC analysis for July 29,.2020 - Watch for the breakout of the Bollinger bands contraction for further direction

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Technical analysis:

Exchange Rates 29.07.2020 analysis

BTC has been trading sideways at the price of $11,000 Today is FOMC day and I would watch for the brekaout of the Bollinger conraction pattern to confirm further direction.

Trading recommendation:

The upside breakout of the resistance at $11,170 would confirm test of $11,650 and in that case you should watch for buying on the up break.

The downside breakout of support at $10,800 can lead BTC for test of $10,300 and in that case you should watch for selling on the down break

Petar Jacimovic
Analytical expert of InstaForex
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