Bitcoin slides lower as expected

Bitcoin remains inside the downward sloping wedge pattern. As we noted in previous posts, the inability to break above $8,000-$9,000 would lead price to a break of support and a push towards the lower wedge pattern boundary. The target area was around $6,000.

Red lines- wedge pattern

Bitcoin remains in a bearish trend. Price is heading towards $6,000 where the lower boundary is found. Price should soon make a new low and it would be very important to see what the RSI does. I expect to see a bullish divergence and at least a bounce in price. Trend changes on a break above the upper wedge boundary. Each time price touched the lower boundary of the wedge pattern, prices bounced at least for the short-term. Resistance is found at $7,300. Wedge pattern resistance is found at $7,800-$8,000.

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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