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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.



Expert In



Bitcoin remains vulnerable to a move below $30,000.

Bitcoin volatility has dropped dramatically. Bitcoin price is trading above $30,000 and below $40,000 since May. Since late June price is stuck between $31,000 and 38,000. Price has formed a short-term bearish channel and as long as we do not see any sign of strength, I expect Bitcoin to eventually break support of $30,000 and push lower towards $25,000 mostly because of activation of sell stops.


Blue lines - bearish channel

The upper channel boundary resistance is at $34,600. Support is at $31,180. Price is making lower lows and lower highs after the high of $36,500 on June 29th. Breaking above $36,500 is crucial for bulls as this will push price higher towards $41,000. Until then price is vulnerable to breaking lower support levels.

The material has been provided by InstaForex Company -