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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 first target of 61.8% Fibonacci retracement.

Bitcoin is trading above $46,000 and is approaching our first target of $47,885 where we find the 61.8% Fibonacci retracement of the entire decline from its all time highs to $29,000.

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Red line - resistance (broken)

Bitcoin's last bullish signal was when price broke above the red trend line resistance and the 38% Fibonacci retracement. So far price is making higher highs and higher lows. Short-term trend is bullish. Resistance is at the 61.8% Fibonacci retracement. At this retracement level we usually see trend reversal. A reversal from this level is justified. Bulls need to be cautious.

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