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Bitcoin faces big resistance

Bitcoin is trading above $40,000 and is challenging both a downward sloping resistance and the horizontal resistance at $42,000. Bulls need to be cautious as there are some warning signs that the week might start with a pull back.

analytics6106b7e983f97.jpg

Red lines - resistance

Bitcoin has reached an important resistance area that justifies a rejection and pull back in order to gather strength for more upside. The scenario where price breaks this resistance now has for me the lowest chances of success.

analytics6106b829908d5.jpg

Blue line- bearish divergence

Red lines- wedge pattern

Bitcoin is forming a wedge pattern and at the same time the RSI is warning bulls with a bearish divergence signal. This is not a reversal sign but only a warning that the upside trend is weakening. Support is at $39,700 and breaking below it will be a sign of weakness. The most probable scenario for me would be for price to continue inside the wedge towards $43,000-$44,000 and then break the wedge for a pull back towards $36,000.

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