For Traders

Analytical Reviews

Crypto-currencies

28.11.202217:12 Forex Analysis & Reviews: Bitcoin remains under pressure.

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 -resistance

Green lines- Fibonacci retracements

Bitcoin has managed to form another lower high in a sequence of lower highs over the last few days. Price has declined sharply from $16,580 to $16,150 and Bitcoin continues to trade sideways. There is no clear direction for the short-term and that is why traders need to remain patient. Bitcoin continues to trade above the key support of $15,480 but it also fails to show any signs of strength, as price continues below the red downward sloping short-term resistance trend line. This resistance is at $15,550. Bulls need to break above it in order to hope for a bounce towards the 38% retracement level.

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