FXOpen
When analysing the long-term BTC/USD chart on May 16, we constructed a “roadmap” for Bitcoin's price. This roadmap appeared as an expanding fan consisting of a median line with support levels below it and resistance levels above it.
During our last analysis of the BTC/USD chart on June 20, we noted that:
→ the price had dropped to the Support 1 line;
→ there was a potential threat of breaking through this support.
How has the market situation changed over the past week? We have made slight adjustments to some elements on the BTC/USD chart to better align them with key events dictated by the market itself.
→ As anticipated, Bitcoin's price broke through the Support 1 line after a series of weak bullish rebounds.
→ The price fell below 59,000 to the Support 2 line, which is part of the “roadmap”, and formed a bullish engulfing pattern (indicated by an arrow), signalling strong demand.
As shown by the technical analysis of the BTC/USD chart today:
→ Bitcoin's price is supported by the Support 2 line;
→ the median line of the red channel acts as resistance;
→ confined within this triangle, the price is awaiting the US inflation news, which will be released at 15:30 GMT+3 today.
What will be the next move for Bitcoin's price?
Markus Thielen, founder of 10x Research, suggests that the BTC/USD rate could fall to 50,000. This scenario will become more likely if the market's reaction to the inflation news leads to a strengthening of the US dollar.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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