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18.01.202316:29 Forex Analysis & Reviews: Bitcoin justifies a reversal

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 18.01.2023 analysis

Red lines- bearish divergence

Bitcoin is trading around the key horizontal resistance of $21,400-$21,500. Short-term trend remains bullish as price continues making higher highs and higher lows. The RSI provides an important warning that the up trend is weakening significantly as we have second bearish divergence. The upside is limited for the time being. A pull back towards $19,00 is justified and should be expected. Support is at $20,950. A break below this level would signal the start of the pull back.

Alexandros Yfantis
Analytical expert of InstaForex
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