CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% 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.

76.09% of retail investor accounts lose money when trading CFDs with this provider.

Can Buyers Continue The Fightback of BTC? | Crypto | Bitcoin

Published: 17.08.2023
by Joseph Jeffriess

Today’s focus: Bitcoin (BTCUSD)

Pattern – Continuation
Support – 27,500, 28,700
Resistance – 29,450, 30,170

• Shib launched their highly anticipated Shibarium.
• Coinbase received approval from the NFA to allow US retail clients to trade crypto futures.
• Bitcoin briefly broke below 28K on some exchanges on Thursday

Today we turn our focus to Bitcoin. We’ve seen a rather exciting day with news hitting the market that looks to have created a bit of long-needed volatility. After a fast decline that continued the last two days, Bitcoin continues to fight back from session lows.

Will we see buyers come back into the market? Do you agree that the current retracement looks a lot like the last? Could this be a sign that a new leg higher could be building? A lot will come down to if the price respects the main uptrend and if it can find support before making any new deeper declines.

Have a great day and good trading.

* 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.