22.07.202222:07 Forex Analysis & Reviews: Weekly analysis on Bitcoin.

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.

Blue line -long-term support trend line

Green rectangles- horizontal support levels

Red rectangles- horizontal resistance

Black line -resistance trend line

Bitcoin has so far retraced more than 61.8% of its entire upward movement from its lows to the recent all time highs. Price technically remains in a bearish trend making lower lows and lower highs. The last few weeks price is stuck around $18,000-$23,000 with no real progress. Price has stopped its decline right on top of the horizontal support by the 2017 highs. Trend will remain bearish on a weekly basis as long as price is below the black trend line and below the red horizontal resistance around $28,000. If Bitcoin price breaks below the recent lows, we should then see price fall towards the next green horizontal support around $12,000.

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.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade