empty
 
 
pk
سپورٹ
فوری اکاونٹ کھولیں
تجارتی پلیٹ فارم
رقم جمع کروانا / نکلوانا

16.03.202113:49 Forex Analysis & Reviews: Bitcoin Correction Imminent

Bitcoin is trading at $55,466 level at the time of writing, higher versus $53,221 today's low. Unfortunately, the current rebound could be only a temporary one before the price drops deeper in the short-term.

BTC/USD failed to stabilize above the $60,000 psychological level and now is into a corrective phase. The decline may continue if it stabilizes under $56,000. The price could come down to reach and retest the near-term uptrend line.

The corrective phase, retreat, is natural after the most recent swing higher. BTC/USD increased as much as $61,788 level setting a new all-time high. It is normal that some traders and investors wanted to step out pushing the rate down.

BTC/USD Fights To Stay Higher!

Exchange Rates 16.03.2021 analysis

The outlook is bullish as BTC/USD is trading within an up channel. It has failed to stabilize above $58,367 and now is trading back below the Pivot Point ($56,704). The immediate critical support is seen at the uptrend line and around the S1 ($51,585).

The price could approach and reach these downside obstacles and only a false breakdown, bullish engulfing, or any other reversal pattern on these support levels could signal that the correction is over.

BTC/USD's further growth will be validated by a valid breakout above the minor red descending pitchfork. Selling right now is risky as long as the price is located above the uptrend line.

Bitcoin Forecast!

Buy a false breakdown with great separation below the S1 ($51,585) and through the uptrend line or a major bullish engulfing.

Sell a valid breakdown through the uptrend line or a false breakout with a huge separation above the descending pitchfork's upper median line (uml).

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

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
ابھی فوری بات نہیں کرسکتے ؟
اپنا سوال پوچھیں بذریعہ چیٹ.