For Traders

Analytical Reviews

Crypto-currencies

02.08.202117:35 Forex Analysis & Reviews: Bitcoin rejected at resistance

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.

In our last analysis on Bitcoin we warned bulls that the most probable scenario was for price to get rejected around $41,000-$42,000 where major resistance is found. A pull back was imminent and expected.

Red lines - resistance trend lines

Bitcoin got rejected at the confluence of resistance trend lines. This is a major resistance level and it was not expected for Bitcoin to break above this level with its first try. A pull back to form a higher low in order to gather strength for the next leg up is our primary scenario. Key support remains at $29,000 and bulls do not want to see this triple bottom failing to hold.

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