Bitcoin challenges important resistance area

Bitcoin remains inside the downward sloping long-term wedge pattern. Price has recently bounced strongly from $6,870 to today’s $8,190. Price has reached very important technical resistance levels and breaking above them would be an important bullish signal.

Red lines- wedge pattern

BTCUSD is bouncing strongly towards resistance at $8,400 area. A rejection here could lead to a decline back towards $6,000 and lower. So bulls need to be very cautious. Recapturing $8,400 is important but bulls will need to keep supporting price in order to hold it above $8,000. Otherwise there will be danger of more weakness following.

The material has been provided by InstaForex Company – www.instaforex.com

Rate this post
MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

Leave a Reply

Your email address will not be published. Required fields are marked *