empty
 
 
18.02.2022 06:05 PM
Bitcoin upside invalidated

Bitcoin drops like a rock at the time of writing after failing to activate further growth. It's traded at 40,465 level above 39,626 today's low. BTC/USD dropped by 11.52% from 44,785 Tuesday's high to 39,626 daily low. Unfortunately, the price action signaled exhausted buyers and a potential downside movement.

In the last 24 hours, BTC/USD is down by 4.71% and by 8.57% in the last 7 days. Bitcoin's sell-off forced the altcoins to drop as well. BTC/USD could bring new selling opportunities if it comes back to test and retest the immediate resistance levels.

BTC/USD Uptrend Line Breakout!

This image is no longer relevant

BTC/USD found resistance at the first warning line (wl1) of the descending pitchfork. It has ignored the 41,967 static support and the uptrend line signaling that the upside movement ended.

As you can see, BTC/USD is almost to reach the 150% Fibonacci line which represents dynamic support. So, coming back to test and retest the uptrend line and the warning line (wl1) could announce a larger drop.

BTC/USD Outlook!

Bitcoin registered a valid breakdown below the uptrend line signaling that the swing higher ended. As long as it stays below the warning line (wl1), BTC/USD could move towards new lows.

A valid breakdown below the 150% Fibonacci line could announce and activate a sharp drop. Technically, the breakdown below the uptrend line could be seen as a short opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback