MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

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.

Popular

Pages

Expert In

Name*


Message*

Bitcoin expected to continue its bounce towards $57,000.

After an important decline from $64,728 to $47,090 Bitcoin is now bouncing back above $50,000. There are increased chances that this upward move is just a counter trend bounce because the correction phase has started for Bitcoin and we should expect more downside over the coming weeks. However in the short-term we expect Bitcoin to reach $57,000 again.

analytics6086775b2832e.jpg

Blue lines -Fibonacci retracements

Red rectangle - bounce target

Bitcoin has most probable made a short-term low at $47,090 area earlier today. Price is reversing strongly to the upside and is approaching the 38% Fibonacci retracement resistance. I expect price to bounce all the way to the 61.8% Fibonacci level and maybe higher over the coming days. If bulls manage to hold above $50,000-$47,000 then we could see more upside to new all time highs. However my most probable scenario is for Bitcoin to make a lower high around $57,000 and reverse to the downside to break below $47,000 and move even lower towards $40,000-$30,000.

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