empty
 
 
ar
الدعم
فتح الحساب الفوري
منصة التداول
إيداع/ سحب

16.05.202122:35 Forex Analysis & Reviews: Bitcoin tumble continues

Bitcoin is breaking below $47,000 and our first pull back target of $43,000-$40,000 is getting closer. Technically short-term trend has reversed and price today broke below key support levels. The bearish warnings in Bitcoin were given a couple weeks back when we warned bulls that the bearish divergence signs should not be ignored. Additionally the rejection at important Fibonacci resistance around $58,000 and the creation of a lower high added to our worries and we warned traders again that price was vulnerable to another sell off below $50,000.

Exchange Rates 16.05.2021 analysis

Red line - support

Blue lines -Fibonacci retracements

Bitcoin is making lower lows and lower highs on a Daily basis. Price is approaching our first target which is the 38% Fibonacci retracement of the rally from the 2018 lows. Potential to move lower exists. A pull back even towards the 61.8% retracement is justified and possible as we explained in previous posts. This was not the time to be bullish Bitcoin as all the signs of an imminent pull back were noted on time and several times. Our first warning came on April 14th when price was making new highs and we warned that a reversal below $59,000 could lead to a deeper pull back towards $40,000. Our analysis warned bulls again on April 18th.

Bulls need to be cautious now. Bears are in control of the short-term trend and we might see them take control of the medium-term trend as well as a major high could be in.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaSpot
Download MetaTrader 4 and open your first trade
لا تستطيع التحدث الآن؟
اطرح سؤالك في الدردشة.