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Bitcoin vulnerable to a move towards $54,000

Bitcoin recently got rejected at the horizontal resistance at $63,500 and is now challenging the short-term support at $60,500. Bitcoin has the potential for another pull back towards $54,000, similar to the decline from $66,900 to $57,000.

analytics61859a90111d8.jpg

Red rectangle -horizontal resistance

Red lines - Fibonacci extension targets

Blue line- short-term support

Bitcoin is trading around $60,800. Price has made no real progress over the last couple of days. In order for Bitcoin to continue to new all time highs, bulls will need to recapture the $63,500 level and stay above it. On the other hand, price seems vulnerable to a pull back towards $57,000 and lower. Price is now testing the short-term support trend line shown in blue in the chart above. Breaking below the support trend line will be a sign of weakness and I expect more downside to follow.

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