Bitcoin Analysis: Potential Drop Ahead?
Last week Bitcoin bulls tried to break through and remain above the resistance level of 31000 but bears quickly seized the initiative and brought the asset back under this level. This resulted in a false breakout and the formation of a bearish engulfing. It means that the asset’s price is likely to drop and might gain the required support at the level of 25200.
The currency pair EUR/USD broke the upper boundary of the range formed between the levels 1.0000 and 1.1075 and might hit new heights soon. In general, the asset might potentially rebound back to the broken levels and jump. So, let’s observe what is about to happen.
Gold broke the downtrend and approached the resistance at the level of 1980. It might potentially rebound from this level and drop toward a broken downtrend. If the bulls get strong, gold might break the trendline and jump, but a bearish scenario is still likely.
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