Bitcoin (BTC/USD) poised to test fresh lows in the short-term

Bitcoin (BTC/USD) poised to test fresh lows in the short-term

Monday's session was marked by low liquidity in the markets and in the crypto space was not the exception. There were some attempts to recover bullish bias above the 6700 level, but the momentum has not been strong enough to take Bitcoin to new heights. However, we are seeing a possible breakdown of the bearish channel that we had raised in previous articles.

The 200-hour moving average continues to guide the cryptocurrency path in the short term and we do not rule out the idea that the current recovery will touch that indicator, where it could encounter dynamic resistance. However, the Parabolic SAR is beginning to show bearish signals.

What do we expect?

According to our forecasts in the H1 chart, Bitcoin remains solid in the bearish trend and we are waiting for a breakout below the support level of 6281. If that happens, we could see a fall to the level of 5475, thus invalidating the bearish channel that we have mentioned. On the upside, we have a strong containment barrier at 7586.

BTCUSDH1.png

usd

Similar

Gold & Silver Continue to Fly

US stocks are set to weaken at the open today, consolidating after gains in the previous session, with investors wary amid few signs of progress over the next virus relief bill.

Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera