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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 bulls continues to defend support at $40,000.

Bitcoin is trading above $40,500 and below $44,800. Price is moving mostly sideways for the last few sessions. The $40,000 price level is a confirmed support and breaking below it will provide a new sell signal.

analytics6155e29717855.jpg

Blue line- resistance

Green rectangle- support

On the other hand there is technical resistance by the trend line at $44,800. Breaking above the trend line will be a sign of strength. So far price has formed also three lower highs implying that bulls become weaker as each bounce makes lower highs. I favor the scenario where price breaks to the downside and moves towards $35,000 at first. However bears will need to break below the green rectangle first.

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