empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

29.09.202210:41 Forex Analysis & Reviews: Bitcoin continues to move sideways around $20,000.

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 29.09.2022 analysis

Blue line- resistance

Red lines- Fibonacci retracement levels

Blue rectangle- pivot area (support-resistance)

Bitcoin are making another attempt to recapture $20,000. Price is moving around the $19,000-$20,000 area over the last few days with no clear direction. Medium-term trend remains bearish as price continues to stay below key resistance trend lines. If bulls manage to push above the blue rectangle area, then we should expect Bitcoin to rise towards the blue downward sloping trend line and the 61.8% Fibonacci retracement level. Another rejection at the blue rectangle area will open the way for another dip towards recent lows of $18,600. Over the last few weeks Bitcoin has managed to respect support around $18,000. Failure to do so will open the way for a move towards $12,000-$10,000.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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



You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off