Bitcoin falls to the lows of the week then rebounds to $35,000

Technical Analysis

Bitcoin bounces

Bitcoin was down as much as 8% today but has cut the loss in half. It’s trading $1500 lower to $34975 after falling as low as $33,387.

In the bigger picture, there’s a clear consolidation ongoing in the 30-40K range. Today’s dip below the Jan 17 low could have been a strong negative sign but it rebounded quickly.

I expect there will be a definitive move (likely higher) in the week ahead.

For bank trade ideas, check out eFX Plus

Articles You May Like

Market Chaos Unfolds Despite Widely Expected Fed Hawkish Cut
Key Fed inflation measure shows 2.4% rate in November, lower than expected
GBPUSD breaks higher. The next key target area between 1.2596 and 1.26147
Australian Dollar recovers as traders await RBA minutes next week
US Dollar edges lower after soft PCE data

Leave a Reply

Your email address will not be published. Required fields are marked *