For Traders

Analytical Reviews

Crypto-currencies

17.05.202213:53 Forex Analysis & Reviews: BTC update for May 17,.2022 - Potential completion of the ABC upside correction

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 sideways at the price of $31.000. The short-term trend is still downside and I see potential for the downside continuation. Key resistance is set at the price of $32.500.

Trading recommendation:

Due to the strong downside cycle and potential for the completion of the upside correction ABC, I see potential for the downside continuation.

Watch for potential selling opportunities on intraday rallies with the downside objective at the price of $28.700 and $25.450.

Stochastic oscillator is showing overbought condition with potential for the bear cross, which is sign for further downside rotation.

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