Forex Analysis:Bitcoin Bears In Control Below 12000-12500

Bottom line: Bitcoin long term structure continues to remain bullish against 3850 lows pri…

Bottom line: Bitcoin long term structure continues to remain bullish against 3850 lows print in March 2020. The crypto has remained in control of bears since 12500 mark and might be looking to drop further towards 7200-7500 levels in the next few trading sessions.

 Fundamental Outlook:

Bitcoin had pushed higher through 10800 mark yesterday, before facing renewed selling pressure. The crypto had dropped over -1.75%, alongside global indices and risk assets. If risk aversion continues, Bitcoin might remain under pressure as safe haven US Dollar might continue to gain. Ethereum dropped over -3.17% closing around 341 yesterday.

Technical Analysis:

Bitcoin has yet again hit resistance around 10800 mark and reversed. The crypto has carved a series of lower highs and potential resistances at 11200, 10950 and 10800 levels in the past few trading sessions. The triangle consolidation might break on the south side pushing below 9800 mark.

Bitcoin had managed to hit just below 12500 resistance on August 17, 2020 and since then it has remained in control of bears. A break below 9800 might accelerate further towards 9000 and 7200 levels over the next several weeks. Bottom line is that 12500 levels should hold well.

Bitcoin had dropped through 3850 lows in March 2020 before reversing higher. Bulls had remained in control and managed to carve a series of higher highs and higher lows through 12500 mark in August. The entire rally might be an impulse wave, which should be followed by a corrective drop.

Also note that fibonacci 0.618 retracement of the entire rally is seen passing through 7200/500 zone. If the corrective drop manages to reach there, high probability remains for a bullish bounce. Most traders might be inclined to hold short positions initiated earlier with protective stops above 12500 and projected targets towards 7200 support.

Prepared by

Harsh Japee, Technical Analyst.

 

Bitcoin Chart

This market commentary and analysis has been prepared for AT Global Markets UK Ltd (ATFX UK) by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

 


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