empty
 
 
10.06.2021 03:56 PM
Bitcoin challenges key resistance trend line

Bitcoin has managed to reach very close to the major resistance of $38,000-$39,000. This is a very important resistance level that if broken will imply a major low is in and a new upward move has started. Bitcoin has the potential to reach $45,000-$50,000 again but first the key resistance just below $40,000 must break.

This image is no longer relevant

Red line -key resistance trend line

Bitcoin is challenging the key resistance trend line that is already touching 4 previous highs. Bears remain in control of the trend and the scenario for a new low below $30,000 is still open. Bulls have made so far an impressive come back from $30,000 but they will need to recapture the $40,000 level again. On a Daily basis price continues making lower lows and lower highs. The last high to provide horizontal resistance is at $39,385.

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 $1000 more!
    In April we raffle $1000 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
  • 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

Recommended Stories

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