For Traders

Analytical Reviews

Crypto-currencies

19.03.202121:30 Forex Analysis & Reviews: Bitcoin remains above support inside short-term bullish channel

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

BTC/USD is still trading above $56,000 and is making higher highs and higher lows inside an upward sloping channel. As long as price is inside the channel and above $56,000 bulls remain in control of the short-term trend and we expect a new all time high towards $63,000-$65,000.

Green lines - bullish channel

Bitcoin is moving higher the last 4 days. Every pull back is followed by buying interest something that can be seen by the long tails of the last 3 out of 4 daily candles. Short-term view remains bullish and even during this weekend we might see a new all time high. Bulls do not want to see price break out of the green upward sloping channel. This would be a sign of weakness and more sellers could step in and push prices lower.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade