Bitcoin rejected at resistance

In our last analysis on Bitcoin we warned bulls that the most probable scenario was for price to get rejected around $41,000-$42,000 where major resistance is found. A pull back was imminent and expected.

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Red lines - resistance trend lines

Bitcoin got rejected at the confluence of resistance trend lines. This is a major resistance level and it was not expected for Bitcoin to break above this level with its first try. A pull back to form a higher low in order to gather strength for the next leg up is our primary scenario. Key support remains at $29,000 and bulls do not want to see this triple bottom failing to hold.

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

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