Bitcoin could bounce towards $62,500 soon.


Bitcoin broke below key horizontal support yesterday and is forming lower lows. Price could soon make a bounce towards $62,500 in order to form a lower high. Traders need to keep this pattern in mind as it is very popular.

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Red lines - bearish channel

Green lines - expected price path

Bitcoin has started forming a bearish channel. Price is now at the lower channel property which is support. The RSI is oversold and turning higher. This increases the chances of a bounce towards the upper channel boundary. Resistance is at the upper channel boundary. Bulls need to break above it, while a rejection would be an added bearish signal.




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Alexandros Yfantis
Analytical expert of InstaForex
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