Bitcoin Price Could Spark Recovery In Near Term, BOC Governor Macklem Speaks

Key Take-Aways

  • Below $30,000 price level, Bitcoin declined.
  • On the 4-hour chart, it is riding above a significant trendline with support at $27,000
  • EUR/USD could rise above the 1.10200

Technical Analysis of Bitcoin Price

The $31,081 resistance area proved difficult for bitcoin to move higher. The decline continued below the $30,000 price level.

If the drop-down continues, it could target the $27,000 support price zone where recovery in gains could begin.

However, bullish signals still hold high and further gains could spark a move above the $35,000 multi-month high price level.

Economic News To Trade Today

  • The US Unemployment Claims
  • The US Home Sales
  • Band of Canada governor Macklem Speaks
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.