empty
 
 
11.02.2022 07:43 PM
Bitcoin fresh sell-off in cards

The price of Bitcoin was trading in the red at the time of writing. The price action signaled that the buyers are exhausted and that the sellers could drag it lower in the short term. It was trading at 43,563 far above today's low of 42,625. In the short term, it could only test and retest the immediate upside obstacles before dropping again.

BTC/USD registered a 3.15% growth from 42,625 today's low to 43,969 daily high. In the last 24 hours, Bitcoin is down by 3.61% but it is up by 9.40% in the last 7 days.

BTC/USD further growth invalidated

This image is no longer relevant

Technically, the pair retested the channel's upside line. As long as it stays below it, the rate could come back down. 43,000 psychological level stands as an immediate downside obstacle. As you can see on the H4 chart, the price found resistance at the first warning line (WL1) of the descending pitchfork.

Its false breakout above the weekly R1 (44,656.31) signaled that the buyers are exhausted. It could come back to test and retest the 41,967 downside obstacle and the 150% Fibonacci line.

BTC/USD outlook

In the short term, the bias is bearish after dropping below the up channel's upside line. After its massive growth, a temporary decline is natural. A temporary drop could bring new buying opportunities.

Moving sideways and making a valid breakout above the warning line (wl1) could activate an upside continuation.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $8000 más!
    ¡En Marzo, sorteamos $8000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback