For Traders

Analytical Reviews

Crypto-currencies

30.07.202117:31 Forex Analysis & Reviews: Bitcoin stops advance at major 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.

Bitcoin has manage to push above $40,000 today but the advance has stopped as this is a very important resistance area. If bulls manage to recapture $40,000 and break above $41,000, we could see more upside towards $50,000.

Red lines - resistance trend lines

Black line - major support of triple bottom

Bitcoin as can be seen in the chart above is trading at an important resistance area where multiple trend lines and horizontal resistance levels meet. Ideally for bulls price would make a shallow pull back and break above $41,000 and continue higher towards $50,000. If price gets rejected and breaks the triple bottom at $29,000, this will be a very bearish signal and we should then expect Bitcoin to reach $25,000 or even $20,000.

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