29.09.202313:51 Forex Analysis & Reviews: Bitcoin challenges short-term resistance trend line

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Green line -resistance trend line

Blue line- support

Bitcoin is trading around $27,000. Price bounced off the blue horizontal support level and as expected is testing the green resistance trend line once again. Recent price action has confirmed the importance of the resistance level at $27,000 and the importance of the support level at $24,750. Technically trend remains bearish as price is making lower lows and lower highs. A break above $27,000 will be the first step to stop this bearish sequence. Short-term support is found at $26,000. A break below this level will open the way for a decline and test of the blue horizontal support level.

Alexandros Yfantis
Analytical expert of InstaForex
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