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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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Bullish setup in Bitcoin will be tested soon.

Bitcoin has broken above the short-term resistance trend line and above the $47,000 short-term resistance level. Price is making higher highs and higher lows now as it approaches the $50,000 resistance area.

analytics615c74985a6ae.jpg

Blue line - short-term resistance trend line

Red rectangle - horizontal resistance

Black lines - Fibonacci retracements

Bitcoin has retraced more than 50% of the rise from $29,000 to $52,000 and has broken above the short-term downward sloping trend line resistance. Price has formed a higher low at $39,500 and this zone is now important support. Breaking above the red rectangle resistance will be a bullish sign. If this happens we should expect price to reach close to its all time highs. A rejection at current levels if followed by a break below $39,500 will increase chances for a move towards $29,000 and lower. For now, it seems that bulls are regaining control of the trend, confirmation will come with the a push above $52,000.

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