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Short-term analysis on Bitcoin.

Bitcoin is trading at $63,000 having broken above the horizontal resistance of $62,400. Price has started making higher highs and higher lows in the 4 hour chart. This is an important step in order to build up the next upward move. Bulls need to defend $59,700-$60,000 price level.

analytics618177396cf6a.jpg

Black lines - Fibonacci retracement

Red rectangle -horizontal resistance

Bitcoin is climbing higher. Will this be a lower high? Resistance is at $63,380 and next at $64,900. A rejection at any of these levels will be a sign of weakness. Short-term trend is reversing to bullish as price has started making higher highs. Failure to hold above $59,700-$60,000 will signal another trend reversal back to bearish and will imply that our next target should be below the $57,700 lows.

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