For Traders

Analytical Reviews

Crypto-currencies

09.06.202316:12 Forex Analysis & Reviews: Technical analysis on Bitcoin for June 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.

Blue lines- bearish RSI divergence

Red lines- bearish channel

Bitcoin is trading around $26,700. Short-term trend remains bearish as price continues forming lower highs and lower lows. Price remains inside the red downward sloping channel. Resistance is found at $27,510 and support at $25,550. Price remains vulnerable to a move lower towards $25,000 as long as price remains inside the bearish channel. So far there is no sign of a reversal or stop of the bearish 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