The price of Bitcoin has sharply dropped from the almost all-time high. These types of moves may be considered as characteristic for the cryptocurrency market where huge volatility may appear from time to time. However, the nearest support levels may be in play soon.
We’re talking about an upward limit in an expanding wedge which has been broken earlier and currently could be an important support. Also near this area an upward limit in a channel is located. So the area 15500-14700 USD could be strong support for the market right now.
If it is defended we may expect another upward movement and the trend continuation.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
We’re talking about an upward limit in an expanding wedge which has been broken earlier and currently could be an important support. Also near this area an upward limit in a channel is located. So the area 15500-14700 USD could be strong support for the market right now.
If it is defended we may expect another upward movement and the trend continuation.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.