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Crypto-currencies

24.01.202216:26 Forex Analysis & Reviews: Bitcoin remains under pressure as it approaches June-July lows.

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 is trading around $33,000 as price continues making lower lows and lower highs. Trend remains bearish as price is still inside the downward sloping channel from its all time highs. Price approaching the June-July lows and the lower channel boundary at $30,000.

Exchange Rates 24.01.2022 analysis

The RSI is at oversold levels but with no bullish divergence. This implies that more downside should be expected, but first we should see a bounce. Most probable bounce target is the upper channel boundary around $42,000. Taking into consideration the major support at $30,00-$29,000, it is very difficult to break below this level with the first attempt. Bears will need to see price bounce in order to gather momentum for this low to be broken.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% 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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