Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
Bitcoin is trading lower at $48,727 level at the time of writing and it seems determined to approach and reach new lows after activating a larger corrective phase. Technically, BTC/USD has escaped from a reversal pattern, so the decline is natural.
The price has moved sideways in the short term, that's why we needed confirmation before going short on Bitcoin. As long as BTC/USD drops, the altcoins are expected to drop as well.
Bitcoin plunged by 12.77% since yesterday's low and it looks like that the sell-off is far from being over.
As you already know from my analysis, Bitcoin was expected to decline after breaking down from the Major Rising Wedge pattern. I've told you in my previous analyses that BTC/USD will develop a larger decline only after the rate closes below $51,300 low.
BTC/USD registered a new lower low in the early morning activating a larger decline in the short term. Now, it's traded below $50,305 static support and under the S1 ($50,069.49). Technically, the next downside target is seen at the descending pitchfork's lower median line (lml). The area between $43,016 and $41,986 is seen as a major support area that could stop Bitcoin's decline.
Selling now is risky as the BTC/USD could increase a little to test and retest the broken levels before resuming its decline. Stabilizing below the weekly S1 ($50,069) could bring us a new bearish signal.
A temporary distribution below the S1 and several false breakouts above it could really signal that Bitcoin may extend its decline.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
