For Traders

Analytical Reviews

Crypto-currencies

17.02.202315:39 Forex Analysis & Reviews: Bitcoin gets rejected at horizontal resistance.

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- horizontal resistance

Black lines- bearish RSI divergence

In our previous analysis on Bitcoin we noted the importance of the horizontal resistance at $25,000 and the bearish RSI divergence. Price once again is getting rejected at the horizontal resistance and price is vulnerable to more downside. Recent price action confirms the importance of the resistance at $25,000. Support remains key at $21,300 area. As long as price is above this level bulls have the upper hand in the short-term. Price is making higher highs and higher lows, that is why bulls do not want to see price break below $21,300. Despite the recent rejection at $25,000, bears need to show more signs of strength. Bears are still not in control of the trend.

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