For Traders

Analytical Reviews

Crypto-currencies

09.01.202315:31 Forex Analysis & Reviews: Bitcoin analysis of key resistance levels ahead for January 9th, 2023.

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.

Black line- resistance

Purple lines- Fibonacci retracements

Red lines- trading range

Bitcoin is trading inside the short-term trading range it is in since early November. Price is around $17,260 with a short-term upward momentum. Price is now challenging the medium-term resistance trend line coming from $32,370. The 38% retracement and the upper range boundary provide resistance between $17,800 and $18,000. A break above this level would be positive both for the short-term and the medium-term. 1st upside target would be the $19,200 where we find the 61.8% retracement level of the last decline from $21,470. As one can see, there are very important obstacles ahead in order to call for a trend reversal in Bitcoin. Bulls have a lot of work to do.

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