FXOpen
On March 18, we wrote about the activation of bears near the USD 70,000 level and the likelihood of consolidation forming near this psychological mark.
On March 25, we wrote that anxiety remains in the Bitcoin market.
Technical analysis of the BTC/USD chart with new data on the behavior of Bitcoin prices today relative to the previously designated levels and lines shows that bearish arguments are becoming more convincing:
→ the median line of the ascending channel acted as resistance (shown by the first arrow);
→ the price has formed a consolidation zone (shown in green) with a subsequent bearish exit from it;
→ after a bearish breakdown of the lower border of the ascending channel, it showed signs of resistance (shown by the second arrow);
→ the increase in B→C is about 50% of the decrease in A→B, which corresponds to the proportion of the normal intermediate recovery within the dominant bearish trend.
Attempts to reach the level of USD 70k for Bitcoin in April were unsuccessful. The inability of the cryptocurrency price to demonstrate bullish dynamics is alarming due to the approaching halving, which is considered a positive factor influencing the price of Bitcoin.
It is possible that further developments will provide more turning points for building a downward channel.
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.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
USD/CAD Consolidates
In the second half of April, the USD/CAD chart has shown a decline in volatility following significant spikes observed since February.
The Canadian dollar has stabilised against the US dollar within the 1.390–1.380 range over the
Why Coinbase (COIN) Shares Are Rising
As the Coinbase (COIN) stock chart shows, trading closed yesterday above the $200 mark — for the first time since March.
Since the beginning of April, COIN's share price has risen by nearly 20%, while the S&P 500 index
USD/CHF Rebounds from Multi-Year Low
As the charts show, the USD/CHF exchange rate fell below 0.810 US dollars per franc earlier this week. The pair had not traded this low since the 2008 financial crisis. Demand for the Swiss franc as a safe-haven