Bitcoin testing major support, possible upcoming bounce!
Bitcoin is testing major support at 14200 (61.8% Fibonacci retracement, horizontal overlap support, bullish divergence) and a possible bounce could occur at this level. However there’s strong descending resistance holding price down really well. Only a clean break of this resistance level would add conviction to the rise we’re expecting.
RSI (34) sees bullish divergence vs price signaling that a possible reversal is impending. At the same time, there’s a bearish descending resistance line that needs to be broken to open an upside move.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) sees bullish divergence vs price signaling that a possible reversal is impending. At the same time, there’s a bearish descending resistance line that needs to be broken to open an upside move.
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
