20.12.201909:41 Forex Analysis & Reviews: Trading plan for Bitcoin for December 20, 2019

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.

Technical outlook:

Bitcoin is testing the backside of resistance trend line which is support around the 7044 level before bouncing back. Please note that the cryptocurrency may drop further towards the Fibonacci retracement at 6819. It may move higher towards 7850 and 8100 levels as presented here. Ideally, a minimum required retracement has been reached (towards 0.382 support at 7050), and a rally could start from here as well. Please note that Bitcoin should stay above 6430 levels to keep the above projected bullish structure intact. Also note that immediate price resistance is seen at 7775 level. It falls in line with bulls targeting 7850 level. Trading point of view, Bitcoin remains a buy on dip towards 6820 levels while risk remains at 6430 level, respectively.

Trading plan:

Remain bullish and add further on dips towards 6820 levels, stop at 6430 an target 7850, 8100 at least.

Good luck!

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.