30.11.201909:31 Forex Analysis & Reviews: What do BTCUSD bulls need for a new up trend to start?

Long-term review

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.

BTCUSD is bouncing inside a downward sloping wedge pattern. For another bullish trend to start we first need to see some signs of strength. BTCUSD must first exit the downward sloping wedge pattern and start making higher highs and higher lows.

Red lines - bullish wedge

Resistance by the wedge pattern is found at $8,800-$9,000 price level. The RSI on the Daily chart is turning upwards from oversold levels. Price has reached the 61.8% Fibonacci retracement of the entire bull wave of Bitcoin. The 61.8% Fibonacci retracement level is a very common area of trend reversals. So what bulls need now is to show more signs of strength. First break above the wedge pattern and then break above the latest important high. The $9,900 area is important resistance and a break above it will confirm trend change.

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.