Bitcoin has shot up from our support area to our major resistance area perfectly before reversing once again. We’re seeing strong support once again at 15455 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap support, bullish price action, bullish divergence) and a strong bounce could occur at this level to drive price up to our major level of resistance at 17929 (Fibonacci retracement, horizontal overlap resistance). Our next major level of support is at 13902 (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major support at 12% and we’re also seeing bullish divergence vs price which could be a precursor to a bounce.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is seeing major support at 12% and we’re also seeing bullish divergence vs price which could be a precursor to a bounce.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results