After today’s consolidation in the 44787.66 – 47483.28 range, marked with red dotted lines, BTCUSD quotes have broken through its lower border. The 4-hour chart does not yet show a clear consolidation after the breakout, while the 1-hour chart shows a bearish candle below the level.

Nevertheless, it is too early to draw final conclusions that the growth has ended. But if we assume that the consolidation below 44787.66 will take place and the price will move down even further, the following scenarios are possible.

The first is reaching the 100 Fibo Expansion level and turning upwards from it. If it does not stop the price and the BTCUSD continues to fall, then they may stop at the previous high – the 41980.24 level and turn around from it.

The third scenario is a breakdown of the 41980.24 level, consolidation below it. If this horizontal is confirmed as resistance, then we can expect Bitcoin’s price to sharply weaken.

analytics602407cb0b968.jpg

However, this is a perspective based on the current information available. These are assumptions that might be insufficient enough for you to open a trade, but instead it provides guidance and understanding of what needs to be monitored. Tomorrow, when we are likely to have clarity as to which side of the local level of 44787.66 the price will settle in, the forecast may change.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.