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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.



Expert In



Bitcoin could reach $37,000 again as long as price is above $32,000.

Bitcoin has made an impressive reversal to the upside after breaking below $30,000 and is now trading around $34,300. Price has potential to move higher but bulls are still not out of the danger of seeing price below $30,000 again.


Green rectangle - support

As long as price is above the green rectangle support at $32,000, price has potential to move to a higher Fibonacci retracement level. The most probable target would be the 61.8% and 78.6% levels. Inability to break above $40,000-$41,000 will lead to another sell off below $30,000. Bulls need to keep making higher highs and higher lows in order to regain control of the trend. At current price levels I prefer to be neutral if not bullish Bitcoin, looking for a move towards $37,000 in the short-term. A lower high and rejection around the 61.8% Fibonacci retracement would be a bearish sign. Failure to hold above the green support area would also be a bearish sign.

The material has been provided by InstaForex Company -