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 is trading around $106,574 within a descending trend channel formed on October 27th, bouncing after reaching the key 2/8 Murray support level.
If Bitcoin's price consolidates above the 2/8 Murray support level in the coming hours, we could expect a recovery, potentially climbing to the top of the descending trend channel around $109,000.
A strong resistance zone is located around the psychological level of $110,000, which coincides with the 3/8 Murray level and the 200 EMA. This level could act as a strong barrier for Bitcoin. If the price fails to break through this zone, the bearish cycle could resume.
We believe that Bitcoin could continue to fall in the coming days if the price retraces or consolidates below $106,000, which could exert strong downward pressure. So, we could expect BTC to reach 1/8 Murray around 103,125.
*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.
