CFDs and Spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs and Spread bets with this provider. You should consider whether you understand how CFDs and Spread bets work and whether you can afford to take the high risk of losing your money.

Bitcoin - Still Long Failed to break key resistance level

Aug 07, 2018

Edit Page

Bitcoin - Still Long Failed to break key resistance level by KQMarkets on TradingView.com

Commentary

Bitcoin was unable to consolidate at the key Fibonacci resistance level at $12227 we mentioned yesterday which could be due to the alleviation of tensions in the US/China trade war and uplift in equity markets.
 
The White House yesterday indicated that they were still open to negotiations with China and the Yuan has somewhat stabilised after the People's Bank of China allowed USDCNH to appreciate beyond 7.0000.
 
However, what is encouraging is that Bitcoin has steadied at the current level and not dropped sharply which it can do given it's volatile nature, we are therefore still bullish at this stage providing price doesn't fall below $11000.
 
 

All the content is provided for general information only and trade signals should not be construed as any form of regulated advice. It does not take into consideration your personal circumstances, including your investment objectives, risk profile, tax status, knowledge and understanding or financial situation. Past performance is no guarantee of future results.