Relevance up to 01:00 2022-06-29 UTC–4
Since March 28, when Bitcoin reached a high of 48,206, it started a bearish sequence. All in all, BTC has fallen more than 60% so far. On the daily chart, we can see the downtrend channel and Bitcoin has tested this channel four times.
Bitcoin is trading above 20,000 with a slightly bullish bias and is likely to face resistance at -1/8 Murray located at 21,875. A sharp break in this area could accelerate the upside move towards the 21 SMA located at 24,675.
In case the uptrend prevails, BTC could reach the top of the downtrend channel at around 26,500. This scenario could be a test to demonstrate the strength of BTC or it could be just a technical correction with the main downtrend to follow.
Around 26,000 is the 200 EMA on the 4-hour chart. This area will prove to be a strong barrier for Bitcoin. If the crypto fails to break it, we could expect a technical correction and the price could fall back towards the psychological level of 20,000.
Bitcoin is hovering above 20,000 after hitting a low of 17,557 on June 18. In the next few days, BTC is expected to rise and reach 0/8 Murray at 25,000.
From a technical viewpoint, BTC has been able to bounce off of -2/8 Murray on the daily chart. Bitcoin now needs to consolidate above 22,000 for a chance to move towards 24,675 (21 SMA) or even 26,500 (bearish channel top).
If the resistance level of 22,000 is not broken, another drop to 17,557 could occur. Keep in mind that if Bitcoin falls below 17,200, the next support zone will be 12,500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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