Short-term technical analysis on Bitcoin.

Bitcoin is trading around $39,000. Price has made an important low around $30,000 and since then it is making higher highs and higher lows. Price so far respects the short-term trend line support and as long as this is the case, we expect Bitcoin to recapture $40,000 and move towards $45,000.

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Black line - support trend line

Bitcoin as can be seen in the 4 hour chart above is making higher highs and higher lows. The black support trend line is being respected thus far. Key support is at $34,500. Breaking below this level will increase chances of a break below $30,000 towards $25,000. Resistance is at $40,500-$41,100 and breaking above it will give us a new bullish signal that could bring price towards $45,000 and higher. The RSI is not in overbought levels. There is no sign of a reversal to the downside or that this recent upward move is complete.

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

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