For Traders

Analytical Reviews

Technical analysis

09.07.202015:12 Forex Analysis & Reviews: Bitcoin form a bullish technical pattern

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.

Bitcoin is challenging the resistance at $,9500 area. This is important resistance for two reasons. First is the downward sloping resistance trend line from June 2019 highs. Secondly is the upper boundary of a technical pattern.

Red line - long-term resistance

Black lines- bullish pennant

Bitcoin has formed a bullish pennant pattern. An upward break out will be combined with the break above the red resistance trend line and it would be a very bullish signal. Bulls need to recapture the $9,500-$10,000 level in order to hope for a move towards $13,500-$15,000. Support is found at $9,000. A break below this level would be a bearish sign.

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.