empty
 
 

19.08.202220:38 Forex Analysis & Reviews: Bitcoin reaches pull back target.

Exchange Rates 19.08.2022 analysis

Red line- bearish divergence

Black lines- bullish channel

Blue lines- Fibonacci retracements

In previous posts we warned traders who were long Bitcoin or wanted to buy Bitcoin that the price structure was suggesting a pull back at least towards $22,000 and the lower channel boundary. All indicators were suggesting that it was not possible for bulls to hold price above $24,000 and continue higher. We mentioned many times in previous posts the fact that Bitcoin was unable to retrace more than 23.6% of the entire decline from $48,000. Combined with the fact that the RSI provided multiple bearish divergence signals, it was a matter of time to see price under pressure. Exiting the bullish channel is very probable and as we said yesterday, we continue to consider the entire upward move as a counter trend bounce and we will most probably see Bitcoin below $17,600 over the coming weeks.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade



  • 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
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
    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
Can't speak right now?
Ask your question in the chat.