Forex Analysis & Reviews: Bitcoin upside scenario takes shape
time 27.09.2022 06:47 PM
time Relevance up to, 28.09.2022 06:47 PM

Bitcoin climbed as much as 20,381 today where it has found resistance. It has dropped by 2.49% in the last hours. The crypto could come back to test and retest the near-term support levels before developing a new bullish momentum.

BTC/USD increased by 9.36% from yesterday's low of 18,636 to today's high of 20,381. After its strong growth, a temporary drop was natural. As you already know from my previous analysis, Bitcoin signaled exhausted sellers and signaled an imminent rally.

BTC/USD Minor Drop!

This image is no longer relevant

You knew from my previous analysis that BTC/USD develop a strong move after escaping from the triangle pattern. It has registered an aggressive breakout through the triangle's upside line and above the downtrend line.

Now, the crypto has turned to the downside and it could try to test and retest the R1 (19,755) and the 19,541 levels before jumping higher again.

BTC/USD Prediction!

Testing and retesting 19,541 and the broken downtrend line, registering false breakdowns below these downside obstacles may signal that the retreat ended and that BTC/USD could develop a new bullish momentum.

This scenario could bring new long opportunities at least towards the 20,381 high. A larger growth could be activated by a valid breakout through this level.

Ralph Shedler,
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.
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Short-term analysis on Bitcoin for December 5th, 2022.

Bitcoin is trading around $17,200 as price continues to respect horizontal support around $16,900. Price continues making higher highs and higher lows as price respects the upward sloping support trend

Alexandros Yfantis 15:10 2022-12-05 UTC+2

Bitcoin continues its recovery movement and consolidates above $17k

There was no significant decrease in trading activity over the weekend. Following the results of Saturday and Sunday, Bitcoin formed two equivalent candles, but the bulls had the final

Artem Petrenko 11:51 2022-12-05 UTC+2

Technical Analysis of BTC/USD for December 5, 2022

Crypto Industry News: For proof-of-reserve (PoR) audits triggered by the collapse of FTX, cryptocurrency exchange Binance partnered with accounting firm Mazars. The corporation once provided services to former US President

Sebastian Seliga 09:32 2022-12-05 UTC+2

Technical Analysis of ETH/USD for December 5, 2022

Crypto Industry News: Sandy Kaul, a senior manager at Franklin Templeton, a $1.5 trillion wealth management company, believes that ETH staking opens up significant opportunities for institutions looking

Sebastian Seliga 09:31 2022-12-05 UTC+2

BTC update for December 05,.2022 - Potential for bigger rally

Technical analysis: BTC/USD has been trading upside as I expected and the price is heading towards the main upside objective. I see potential for further growth due to the breakout

Petar Jacimovic 08:34 2022-12-05 UTC+2

The cryptocurrency sector is starting to experience widespread layoffs.

On the 4-hour TF, bitcoin has surpassed the critical levels of $18,500 and its $ 17,582 "duplicate." Thus, we now have all the technical justifications needed for the cryptocurrency

Paolo Greco 15:19 2022-12-04 UTC+2

The fundamental background for bitcoin remains very complex.

Despite the passage of several weeks, the bitcoin cryptocurrency has established itself below the Fibonacci level of 127.2%, or $ 18,500, and has yet to attempt to rise above this

Paolo Greco 15:05 2022-12-04 UTC+2

Bitcoin: upside still possible, new flag formation

Bitcoin dropped a little in the short term but this could be only temporary. It could test and retest the immediate support levels before dropping again. It's located at 16,934

Ralph Shedler 17:58 2022-12-02 UTC+2

Short-term technical analysis on Bitcoin for December 2nd, 2022.

Bitcoin is trading around $16,910. Short-term trend is bullish as price is making higher highs and higher lows. Price broke above the 23.6% Fibonacci retracement level yesterday and today

Alexandros Yfantis 15:30 2022-12-02 UTC+2

Crypto market slows down ahead of weekend: what to expect from Bitcoin and Ethereum next?

The cryptocurrency market meets Friday in a lazy mood, which is reflected in the quotes of the main cryptocurrencies. Over the past day, the market capitalization of all digital assets

Artem Petrenko 12:25 2022-12-02 UTC+2
Can't speak right now?
Ask your question in the chat.