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BTC/USD increased within a down channel from the prices of $42,000 and $41,000 since a week. The bears must break through $40,000 in order to resume the downtrend.
After finding asks reach to $40,000, bitcoin price recovered below $42,000 and $41,000. Initial Bitcoin support level lies near the $40,000 price ($39,325 : 50% of Fibonacci retracement levels).
A decent breakout and follow-down move below $40,000 could open the gate for a push towards the $37,794 price ($37,794 : 38.2% of Fibonacci retracement levels).
The main resistance remains near the area of $42,000 and $41,000. Also it should be noted that Bitcoin and cryptocurrencies unite as the bears lose their momentum. The market is indicating a bearish opportunity below the above-mentioned resistance levels, for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside.
Signals :
Sell orders are recommended below the area of $42,000 and $41,000 with the first target at the level of $37,794 ; and continue towards $35,000.
On the other hand, if Bitcoin fails to break out through the support level of $40,000; the market will rise further to the level of $45,811 (weekly resistance, double top, the last bullish wave - high price : $45,811 - 100% of Fibonacci retracement levels).
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
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