21.04.202318:06 Forex Analysis & Reviews: Bitcoin reaches buying zone

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.

Bitcoin crashed in the short term and now is trading at 28,106. After its strong growth, a retreat was natural. The rate could test and retest the near-term support levels before developing a new leg higher.

BTC/USD dropped by 10.33% from last Friday's high of 31,035 to 27,828 today's low. It's down by 1.83% in the last 24 hours and by 6.95% in the last 7 days.

BTC/USD Massive Drop!

Technically, BTC/USD turned to the downside after failing to reach and retest the upper median line (uml) of the ascending pitchfork. Now, it has reached the median line (ml) of the ascending pitchfork which represents a dynamic support.

27,723 represents a downside obstacle as well. As long as it stays above the median line, BTC/USD could develop a new leg higher.

BTC/USD Outlook!

False breakdowns below the median line (ml) and through 27,723 announce a new leg higher and could bring new long opportunities.

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