Top Story

Bitcoin drops to potential support zone

Bitcoin has been trending lower ever since it topped out at just under $14000 in June.

Recently, though, it made a comeback attempt as it soared around 40% from a low of around $7300, but that rally fizzled out quickly as the psychologically-important and former support at $10K turned into resistance.

But now the price of Bitcoin has returned to an old resistance zone between $8300 and $8800. What’s more, Bitcoin is currently holding inside a falling wedge, which is meant to be a bullish continuation pattern.

So, what we are looking for here is a potential breakout from this falling wedge to the upside. Specifically, a move north of $9150 – the most recent short-term high – could trigger technical buying momentum.

HOWEVER. Until and unless that breakout happens, the path of least resistance will remain to the downside.

Source: Trading View and FOREX.com. Please note this product may not be available to trade in all regions.



Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

The markets are moving. Stop missing out.

Open an Account