For Traders

Analytical Reviews

Crypto-currencies

19.10.202114:51 Forex Analysis & Reviews: BTC analysis for October 19,.2021 - Rising wedge pattern in the play

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.

Technical analysis:

BTC has been trading flat at the price of $62,200 and I see potential for the downside correction due to rising wedge pattern in the background.

Trading recommendation:

Due to the rising wedge mini formation in the background, my advice is to focus on the downside breakout and potential re-test of the $59,500 and $57,200

Stochastic oscillator is showing bear divergence and potential for the downside movement.

Key long term resistance is set at $64,800

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