empty
 
 
17.11.2021 04:31 PM
Bitcoin could bounce towards $62,500 soon.

Bitcoin broke below key horizontal support yesterday and is forming lower lows. Price could soon make a bounce towards $62,500 in order to form a lower high. Traders need to keep this pattern in mind as it is very popular.

This image is no longer relevant

Red lines - bearish channel

Green lines - expected price path

Bitcoin has started forming a bearish channel. Price is now at the lower channel property which is support. The RSI is oversold and turning higher. This increases the chances of a bounce towards the upper channel boundary. Resistance is at the upper channel boundary. Bulls need to break above it, while a rejection would be an added bearish signal.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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 $6000 more!
    In December we raffle $6000 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
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback