For Traders

Analytical Reviews

Crypto-currencies

13.03.202310:13 Forex Analysis & Reviews: BTC update for March 13,.2023 - Key Fibonacci resistance at $22.850 on the test

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.

Technical analysis:

BTC/USD has been trading upside on Friday and I see that key Fibonacci resistance Agreement zone at $22.850 held this morning, which is good sign for the potential downside rotation.

Due to the strong bearish trend on longer frames and test-reject of the key Fibonacci resistance zone, I see potential for the further downside movement.

Downside objective is set at $19.600

Stochastic and MACD oscillators are extreme bull reading and fresh bear cross, which is good sign for the downside movement.

Key resistance is set at $22.850

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