Bitcoin Analysis: Potential Rise Ahead
The price of Bitcoin has tested the supporting zone at the key level of 25000 and formed an engulfing. Bears tried to make Bitcoin drop but to no avail. Hence, the asset’s price is still likely to rise and hit the level of 29000 soon. So, let’s observe what might happen.
The price of silver is going down, targeting the supporting zone formed between the levels 22.20 and 22.50. Silver might potentially rebound and hit the level of 24.53 soon.
The currency pair USD/CAD is heading down. However, the asset might gain the required support at the level of 1.3387, which acts as a sort of neckline of the double bottom. There is also a very strong median line, which has been repeatedly seen on the charts. It might affect the price movements of this currency pair.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.