Relevance up to 13:00 2020-02-08 UTC–8
BTCUSD continues to rise towards the 50% Fibonacci retracement and the $10,100 resistance level. Price continues to trade inside the bullish channel after exiting the downward sloping wedge pattern.
Red lines- wedge pattern
Green lines – bullish channel
BTCUSD is approaching important Fibonacci resistance. Short-term support is at $9030. If price breaks below this support level we should expect selling pressure to push price towards $7,500-$7,200 for a back test of the broken wedge pattern.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Alexandros Yfantis,
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Get a bonus from InstaForex
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.