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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 breaks short-term key resistance.

As expected after confirming support at $37,000 and after making a double bottom at this level, Bitcoin price has finally broken above the key short-term resistance of $41,000-$42,000. Price has provided another bullish signal and is now trading around $45,000.

analytics610fe8b31a486.jpg

Red line - resistance (broken)

Blue lines -Fibonacci retracement

Bitcoin has broken the resistance trend line and the June high. Price is making higher highs and higher lows after the major bottom formation around $29,000. Price has reached the 50% Fibonacci retracement of the entire decline from its all time highs. Our expected bounce target remains at the 61.8% Fibonacci level where the most important resistance level is found. A reversal and break below $37,000 would be a bearish sign.

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