The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Technical outlook:
Bitcoin might still have one more leg lower from here $50000-51000 zone towards the $41,000-43,000 mark, before finding support and turning bullish again. Please note that Fibonacci extensions are also pointing towards $41,200 and $37,000 targets as highlighted in the red here. We shall review the chart around the $41,000 mark to take a call on further direction.
Bitcoin is approaching the $51,000 mark at this point in writing and might be carving a triangle consolidation before turning lower again. Aggressive traders might consider selling again around the current price with a risk of around $59,000. Immediate resistance is also seen at $59,000, followed by $65,000, while support comes in around $45,000 levels respectively.
A break below the $45,000 mark will accelerate further to the $43,000 and $41,000 levels. Strong convergence is seen there as Fibonacci 0.382 retracement and previous support are seen around the $41,000 mark. Watch out for a bullish reversal there in the near term.
Trading plan:
Remain short, stop @ 60000, target @ 41000
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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.
