Bitcoin At a Crossroads: What’s Next?
The price of Bitcoin did not reach the psychological level of 70000 and rebounded from the flat downtrend. It looks like the price of this asset might potentially pull back, retest the downtrend, and drop. It could gain the required support in the zone formed between levels 54000 and 53000. The price of Bitcoin is likely to rebound from the level of 69000. Also, the weekly chart shows the upcoming formation of the bearish engulfing, which might define the future market sentiment. So, let’s observe what the next price movement of Bitcoin might be.
The price of Brent oil rebounded from the supporting zone formed between levels 71.50 and 72.50. Now, it is testing the level of 75.70. Should the asset’s price break this level through, it might eventually start trading at 84 USD per barrel. Let’s see whether this scenario might work out.
Last Monday, the price of natural gas tested the supporting level of 2.30 and formed a long white candle. The price of this asset is currently consolidating next to this level. It might gradually rise. However, a price drop to the level of 1.90 is also possible, yet the price rise is more likely to happen. So, let’s observe what might happen next.
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.