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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 341681, member: 104606"] [B][SIZE=5]Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains[/SIZE][/B] [img]https://i.imgur.com/YdnHO8y.jpeg[/img] From the point of view of technical analysis of BTC/USD, on Friday evening the price of Bitcoin was near the lower boundary of the ascending channel (shown in blue). This was alarming as it indicated that the market action could result in a weekly bearish candle forming with the price of BTC down by around 5% — something that hasn't happened since August of last year. However, this did not happen, as the price recovered over the weekend, forming rebounds from the lower border of the channel. The lower shadows of the candles are a sign of demand forces. Moreover, the bulls have broken through the downward trend line (shown in black). Will the bulls be able to return the price of Bitcoin to an upward trajectory within the specified trend? Doubts remain. → Bitcoin “still looks overbought,” JPMorgan strategists warned, predicting a decline to USD 42k. [img]https://i.imgur.com/HgrVnBp.jpeg[/img] [B][URL="https://fxopen.com/blog/en/oa-bitcoin-price-recovered-over-the-weekend-but-market-anxiety-remains/?utm_source=trendriforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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