According to Alexandros Yfantis, Analitycal expert at InstaForex, Bitcoin is trapped| FXMAG.COM

Bitcoin is trapped between $15,600 and $18,000

according to alexandros yfantis analitycal expert at instaforex bitcoin is trapped grafika numer 1

Bitcoin is trapped between $15,600 and $18,000

Red lines- trading range

Bitcoin is trading at the beginning of the year around $16,700. Price continues to trade sideways inside the trading range its been in since November. Price has made no real progress to the upside or downside. Despite Dollar weakness all of this time, while the Dollar index decline from 107.50 to 103, Bitcoin shows no signs of strength. Bitcoin is trapped between $15,600 and $18,000. The RSI has left the oversold territory and moves sideways as well. Medium-term trend remains bearish and our most probable scenario is for Bitcoin to exit the range to the downside.

Relevance up to 15:00 2023-01-03 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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