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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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Reversal in Bitcoin.

Bitcoin made a triple bottom around $29,000 and has broken the short-term trend line resistance to the upside. In previous posts we mentioned the importance of the horizontal support.

analytics60fc40c69fd4e.jpg

Black line - horizontal support

Green line - trend line resistance

Bitcoin has provided us with a bullish signal after a long time. Price has made a triple bottom and broke out of the green trend line resistance. Bitcoin has the potential to reach next resistance level at $36,600 and if broken we could see a test of the recent highs of June at $41,176. Breaking below $29,000 will be a very bearish signal and price will be expected to reach $25,000-$20,000.

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