Short-term technical analysis on Bitcoin.

Bitcoin got rejected at the key resistance area of $41,000-$42,000 and pulled back towards $37,400 where we find the first important Fibonacci retracement.

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Red lines - resistance trend lines

Blue lines - Fibonacci retracements

Bitcoin has reached the 38% Fibonacci retracement and is bouncing off this support level. This price level is now confirmed support and a break below it will push price towards the 61.8% Fibonacci level at $34,200. If bulls manage to hold above the 38% Fibonacci level, then we should expect another push and try to break above the key resistance of $41,000-$42,000.

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

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