For Traders

Analytical Reviews

Technical analysis

06.08.202005:40 Forex Analysis & Reviews: Bitcoin Price Movement On August 06, 2020

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.

If we look at the 4-hour chart for Bitcoin, we see that the cryptocurrency has been trading sideways in a narrow trading range, although the bullish pressure is still prevailing. This is confirmed by the fact that the price is now moving above the Moving Average. However, there is a potential for BTC to go down as a retracement. This is indicated by the Stochastic Oscillator which has been already at the overbought level. As long as the downward movement does not go lower and the price does not close below the 10,943.80 level, Bitcoin still has prospects to continue its upward movement aiming to test the 12,035.80 level.

(Disclaimer)

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.