Stay 
Trading Conditions
Products
Tools
Bitcoin has dropped through $37,000 levels late on Monday before pulling back through $38,200 mark. The crypto is seen to be trading around $38,200-300 level at this point in writing and is expected to rally beyond $46,000 in the near term. Bulls need to hold prices above the $33,000 mark though to keep the structure intact.
Bitcoin has produced a doji candlestick pattern on the daily chart suggesting a potential bullish reversal against $33,000 mark. If correct, bulls will remain inclined to push through $50,000 mark before finding resistance again. Also note that fibonacci 0.618 retracement of the entire drop between $69,000 and $33,000 is seen passing through $55,000 mark.
High probability remains for a bearish turn if prices manage to reach the $50,000 mark going forward. Only a push through $61,000 will open the door to print fresh all-time highs above $69,000. For now, possibility remains for a potential Righ Shoulder being carved close to $50,000 mark, and continue the proposed Head and Shoulder reversal pattern.
Potential rally through $50,000 against $33,000.
Good luck!
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.
We may place cookies for analysis of our visitor data, to improve our website and measure advertising performance. Overall this data is used to provide a better website experience. More information
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of Instant Trading EU Ltd including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.
We are sorry for any inconvenience caused by this message.
