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Tickmill Blog | Does Bitcoin continue to compress the spring more and more, then to shoot deafeningly?


Good afternoon!

Bitcoin continues to delineate a narrow range between the levels of 16300-17000, trying to move away from the Christmas holidays. So far, the main reference points for the coin are the support level at 15625 and the resistance level at 18350, from which we should expect the price to react when these horizontal lines are touched:

For the EUR/USD pair, the price rebounded from the broken descending channel, the level of 1.0500 and closed Friday with bullish engulfing. Now the price has formed a strong signal in the direction of growth, while the silhouettes of a bullish flag are visible on the daily chart. The baseline scenario for the single currency is the growth of quotations in the short term:

Does Bitcoin continue to compress the spring more and more, then to shoot deafeningly?

The S&P500 index has formed a triangle, which may indicate the intention of quotes to continue the downward movement towards the support level of 3572. Of course, the breakdown of the level of 3935 should not be discounted, but then the price focus shifts to the descending channel line:

Does Bitcoin continue to compress the spring more and more, then to shoot deafeningly?

Oleg Svirgun, analyst at the brokerage company Tickmill



09/01/2023

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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