Thursday, October 6, 2022

Bitcoin: Will Patience Pay Off?


Should we be concerned that the has stalled just as it appeared poised to take off?

Bitcoin has pulled back in recent days, with the price falling from around $41,000 to roughly $37,500. The move came just as many were speculating that cryptos are back after their late spring/early summer slump. Should the short-lived rally be a source of concern or encouragement?

Bitcoin Charts.

While arguably surprising, it strikes me as being far from concerning. The pullback hasn’t gathered much momentum and key levels remain below, levels that would recognize the moves as corrective rather than anything more significant.

The 50/61.8 fib zone strikes me as being a very important area that, should the price get that far, could see significant support.

And we may not even get that far, with the crypto already seeing some interest around the upper end of the moving average bands.

With that in mind, Bitcoin looks in a good position and only a move below those key fib levels would suggest otherwise.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Please enter your comment!
Please enter your name here



Related Stories