empty
 
 
26.01.2021 11:51 AM
Bitcoin Further Drop Signaled!

Bitcoin (BTC/USD) is traded lower at 31,876 after failing to stabilize above the 34,000 psychological level. The price has shown overbought signs lately. That is why it could slip lower in the short term.

BTC/USD failed to come back towards the $41,986 all-time high signaling exhausted buyers and a potential corrective phase. The rate is in a corrective phase now, a further drop could be natural as long as BTC/USD is located deep in the seller's territory.

BTC/USD Breakdown Confirmed!

This image is no longer relevant

As you can see on the H4 chart, BTC/USD is traded below the black uptrend line after dropping from a triangle pattern. It rebounded in the short term. However, its failure to stabilize above the uptrend line or to reach the median line (ML) signals a deeper drop.

The price is traded back below the Pivot Point (32,948) signaling a further decline towards the S1 (28,045) level. The selling pressure remains high as long as the price stays below the PP and under the median line (ML).

Trading Tips!

The current drop below the PP (32,948) level represents a short signal. BTC/USD could approach and reach the lower median line (LML), S1 (28,045) in the short term.

It could still slide even if it comes back to retest the PP (32,948) level. A larger drop towards the major uptrend line will be activated by a valid breakdown through the $28,000 level.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback