Bitcoin remains trapped inside the downward sloping wedge pattern.

As per our previous BTCUSD analysis, price remains in a bearish trend, having formed a downward sloping wedge pattern. There were some signs that gave us hope for an upward breakout, but the inability to break above $7,820 has lead price to pull back towards $7,000.

Red lines – wedge pattern

Bitcoin is trading inside a downward sloping long-term wedge pattern. Trend is bearish as long as price is below the upper wedge boundary at $8,500. Resistance at $8,500 is key, so bulls will need to break it first. Support is found at $7,075. Inability to hold above it will push price towards $6,000. We are currently at a major Fibonacci reversal area and traders should be very cautious.

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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