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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Bitcoin approaches major resistance around $41,000.

A few days back we warned traders that Bitcoin was testing an important horizontal support at $29,000 and in the past we saw price bounce strongly off this level. The same happened this time and we also noted the short-term bullish signal once Bitcoin price broke above the short-term downward sloping trend line resistance.

analytics60fee11b34d77.jpg

Green line - broken short-term resistance

Red lines - resistance trend lines

Bitcoin has already reached the next important resistance trend line at $39,700. Price has made a triple bottom at $29,000 and is showing reversal signs. Next resistance is at $41,000-$42,000. A rejection around $40,000 will be a bearish sign and will increase chances of breaking below the triple bottom and reaching $25,000-$20,000. Bulls need to see price start making higher highs and higher lows and not break below $29,000 again, in order to hope to see new all time highs over the next year.

The material has been provided by InstaForex Company - www.instaforex.com