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22.10.202108:39 Forex Analysis & Reviews: Bitcoin still in bullish trend but bulls need to be cautious.

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 continues to trade inside the bullish short-term channel that we mentioned in previous posts. Price continues to trade above the key short-term support of $60,000. Price is making a pull back towards $63,000 after making a new all time high above the $66,000 level.

Exchange Rates 22.10.2021 analysis

As we mentioned in our previous analysis, the RSI was providing bearish divergence signals in the 4 hour chart, implying that the up trend is weakening. For this to be considered as a reversal signal, we will also need to see price break important support levels and exit the bullish channel. None of the aformentioned conditions has been met, so we evaluate that trend remains bullish until further notice. Price is challenging the channel support. Breaking below $62,000 would be the first important sign of weakness and a break below $60,000 would confirm the end of the upward movement that started back at the $39,450 level.
Alexandros Yfantis
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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