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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Bitcoin could start bounce towards $34,000 from current levels.

Bitcoin remains inside the short-term bearish channel and price today reached the lower channel boundary. Holding above $31,000 will be key for what we can see next. Price could find support at current levels and bounce towards the upper channel boundary near $34,000.

analytics60f08b13c7c28.jpg

Blue lines - bearish channel

Bitcoin resistance is found at $33,096 and next at the upper channel boundary around $34,000. Price has made no real progress since May when it first tested the $30,000 level. Price is consolidating and traders better avoid overtrading Bitcoin. Traders better stay on the sidelines and be patient in order for a setup to be formed first, before starting trading Bitcoin again.

The material has been provided by InstaForex Company - www.instaforex.com