Chicago 12, Melborne City, USA

Forex Analysis & Reviews: 11.05.2022

Relevance up to 12:00 2022-05-12 UTC + 00

Bitcoin is in a bearish short-term trend. Price is making lower lows and lower highs. Recently we got a bearish signal once price broke below the $ 38,000 level. Bitcoin has reached the $ 30,000 key horizontal support level that was tested back in 2021.

Exchange Rates 11.05.2022 analysis

Green line – horizontal support

Black lines -Fibonacci retracements

Bitcoin has so far retraced 61.8% of the entire rise from the 2021 lows to the 2022 all time highs. If price falls below the Fibonacci level and the horizontal support, we should expect Bitcoin to continue its downward trend towards $ 19,000 where we find the 78.6% Fibonacci retracement. A short-term bounce is justified, however the chances of breaking below $ 30,000 and moving lower remain high.

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022

Benefit from analysts’ recommendations right now

Top up trading account

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade

My name is Lawrence. I am one of the most famous forex trading schools. The purpose of creating this project is not only to give working advice on the Forex market, but also to warn beginners from fraudulent projects. Here we publish reviews of all Forex training scam projects, and professionally train those who have just decided to enter this niche.

    Leave feedback about this

    • Quality
    • Price
    • Service


    Add Field


    Add Field
    Choose Image
    Choose Video