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19.08.202220:38 Forex Analysis & Reviews: Bitcoin reaches pull back target.

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.

Exchange Rates 19.08.2022 analysis

Red line- bearish divergence

Black lines- bullish channel

Blue lines- Fibonacci retracements

In previous posts we warned traders who were long Bitcoin or wanted to buy Bitcoin that the price structure was suggesting a pull back at least towards $22,000 and the lower channel boundary. All indicators were suggesting that it was not possible for bulls to hold price above $24,000 and continue higher. We mentioned many times in previous posts the fact that Bitcoin was unable to retrace more than 23.6% of the entire decline from $48,000. Combined with the fact that the RSI provided multiple bearish divergence signals, it was a matter of time to see price under pressure. Exiting the bullish channel is very probable and as we said yesterday, we continue to consider the entire upward move as a counter trend bounce and we will most probably see Bitcoin below $17,600 over the coming weeks.

Alexandros Yfantis
Analytical expert of InstaForex
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