Reversal in Bitcoin.

Bitcoin made a triple bottom around $29,000 and has broken the short-term trend line resistance to the upside. In previous posts we mentioned the importance of the horizontal support.


Black line - horizontal support

Green line - trend line resistance

Bitcoin has provided us with a bullish signal after a long time. Price has made a triple bottom and broke out of the green trend line resistance. Bitcoin has the potential to reach next resistance level at $36,600 and if broken we could see a test of the recent highs of June at $41,176. Breaking below $29,000 will be a very bearish signal and price will be expected to reach $25,000-$20,000.

The material has been provided by InstaForex Company -