CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

77.48% of retail investor accounts lose money when trading CFDs with this provider.

Bitcoin | Consolidation Pattern or Warning?

Published: 02.05.2023
by Joseph Jeffriess

Today’s focus Bitcoin

Pattern – LH – Descending Triangle

Possible targets – 29,664

Support – 27,200 – 27,000

Resistance – 29,664 – 30,460

Indicator support – MA sloping down

Today’s video analysis is on Bitcoin after yesterday’s drop. Are we seeing a new momentum shift with a new LH or has price started to consolidate in a new price pattern? We have set out a few scenarios and breakdown the levels we are watching.

Is it just sheer coincidence or did JP Morgan’s rescue of First National pull the hedge rug out from under Bitcoins feet?

Bitcoin Analysis Video.

Thanks for stopping by. Good trading, and have a great day.


* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.

Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.

Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.