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!
Bitcoin has started to grow again after finding strong support. The price turned to the upside but we still need strong confirmation before considering going long. In the short term, the bearish pressure remains high, so a minor drop or a sideways movement is somehow expected after the current rally.
BTC/USD has increased by 9.36% from 53,308.93 yesterday's low to 58,298.06 today's high. Personally, I would like to see a minor consolidation before jumping higher. The rate needs strong consolidation before developing a new leg higher.
Bitcoin has found support below the decending pitchfork's median line (ml) and under the 50% retracement level and now it challenges the 38.2% retracement level. In the short term, it could could move sideways between the 50% (54,322.83) retracemet level and the 59,953.74 levels.
Technically, the median line (ml) stands as a dynamic support, On the other hand, the descending pitchfork's upper median line (uml) is seen as a dynamic resistance. Making a valid breakout through the upper median line could announce a strong swing higher.
58,933 - 59,953 stands as a strong resistance area. As long as it stays below it and under the upper median line (uml), we cannot talk about a larger growth. A sideways movement followed by a valid breakout through these upside obstacles could really announce an upside continuation towards fresh new highs.
A minor consolidation above the weekly pivot point of 56,718.35 may announce further growth towards the mentioned resistance levels.
*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.
