Bitcoin gets rejected at resistance

In our previous BTCUSD analysis we noted that price still is trading inside the downward sloping wedge pattern and that price was soon to test a very important technical resistance. Price has been rejected at the resistance of the upper wedge boundary and is pulling back down again.

At $8,540 resistance is key. The upper wedge boundary is very important resistance. This rejection here could lead to a push back towards the lower wedge boundary. Support is found at $7,400-$7,200. Below this level we expect to see price with a 6 in front, if not lower. Price respecting resistance makes me expect more downside for BTCUSD.The material has been provided by InstaForex Company – www.instaforex.com

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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.

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