Major reversal in Bitcoin
April 18, 2021 10:23 pmVideo
Latest News
- Energy in Focus: What news awaits investors on Wall Street April 15, 2024
- Forecast for EUR/USD on April 15, 2024 April 15, 2024
- Forecast for GBP/USD on April 15, 2024 April 15, 2024
- Forecast for USD/JPY on April 15, 2024 April 15, 2024
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
- Trading plan for GBP/USD on April 15. Simple tips for beginners April 15, 2024
- Trading plan for EUR/USD on April 15. Simple tips for beginners April 15, 2024
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
Despite making a new all time high and activating an inverted head and shoulders pattern, Bitcoin ends the week under pressure and with a bearish reversal signal. Price has not only broken out of the bullish channel, it has also canceled the bullish inverted head and shoulders pattern. Bitcoin was already warning us with bearish RSI divergence signs. The reversal now is happening. How low can Bitcoin go?
Red lines – bearish divergence
Green lines – Fibonacci retracements
Blue lines – bullish channel
Bitcoin as we mentioned earlier has broken outside of the bullish channel. Price made a low today around $50,000 and is now trading at $55,800 area. Trend is no more bullish. There are signs that trend is about to change to bearish as price exits the channel. Bitcoin has support at $50,000 and I expect to see the 38% Fibonacci retracement around $41,000 if we break below $50,000. Making a deeper correction to lower Fibonacci levels is still possible but not my primary scenario yet. At current point in time I prefer to be neutral Bitcoin.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: