analytics6059d8688f81e.jpg

Technical outlook:

Bitcoin slips to $52,900 levels today and we are not surprised. A drop further below $52,600 would confirm that a meaningful top is in place at $61,781 mark over the last week and also bears are back in control. The crypto would be a good case to be sold on rallies thereafter with risk above $62,000 mark. Aggressive traders might have initiated shorts already as suggested yesterday from around $57,000 levels.

The crypto has pulled off day’s lows and is seen trading around $54,400 mark but remains vulnerable for yet another drop below $52,600 at least. Immediate resistance remains fixed at $61,781 levels, while support comes in around $43,300 levels respectively. If a lower high is already in place at $60,000 levels, the next short term projected target could be towards $43,000 levels, going forward.

As discussed yesterday, the overall uptrend continues to remain intact for now and Bitcoin should be well supported around $37,700 levels, which is fibonacci 0.382 retracement of entire rally between $3,850 and $61,780 mark. Only a sustained drop below $24,000/25,000 and subsequently below the trend line support will be encouraging for bears to continue further.

Trading plan:

Aggressive traders remain short with stop @ 62,000 target @ 37,000

Good luck!

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.