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10.06.202115:56 Forex Analysis & Reviews: Bitcoin challenges key resistance trend line

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Bitcoin has managed to reach very close to the major resistance of $38,000-$39,000. This is a very important resistance level that if broken will imply a major low is in and a new upward move has started. Bitcoin has the potential to reach $45,000-$50,000 again but first the key resistance just below $40,000 must break.

Red line -key resistance trend line

Bitcoin is challenging the key resistance trend line that is already touching 4 previous highs. Bears remain in control of the trend and the scenario for a new low below $30,000 is still open. Bulls have made so far an impressive come back from $30,000 but they will need to recapture the $40,000 level again. On a Daily basis price continues making lower lows and lower highs. The last high to provide horizontal resistance is at $39,385.

Alexandros Yfantis
Analytical expert of InstaForex
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