For Traders

Analytical Reviews

Crypto-currencies

24.11.202215:39 Forex Analysis & Reviews: Short-term Bitcoin analysis for November 24th, 2022.

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.

Red line - support

Bitcoin is trading around $16,500. Despite Dollar weakness across the board, Bitcoin continues to trade weakly above 2022 lows. Bulls seem uninterested or weak to push price higher. The recent FTX scandal has cost not only money to investors but also credibility to the entire Crypto market. This can be seen clearly by the price behavior of Bitcoin. Price has only managed to retrace 23.6% of the recent decline. Price continues making lower lows and lower highs. Support is found at recent lows where we also see the double bottom formation. Failure to hold above this level will lead BTCUSD towards $12,000. Resistance is found at $21,800.

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