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


Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 ©

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 bounce back towards $49,000

Bitcoin is trading around $45,000 price level near its weekly lows. Price reversed from $53,000 and came all the way down towards the 38% Fibonacci retracement of the entire rise from $29,000. Price so far respects the first Fibonacci support at the 38% level. As long as this is the case, we could see a strong bounce back towards $49,000-$50,000 next week.


Green lines - Fibonacci retracements

Blue rectangle - support

Green rectangle - bounce target

Bitcoin is trading above the 38% Fibonacci retracement support. As long as price stays above it, I believe there are increased chances of seeing a bounce towards $49,000 at least. The formation of a lower high is more probable right now than the resumption of the downtrend. I believe we are going to see lower levels in Bitcoin. Confirmation for this scenario will come with the break of the 38% Fibonacci retracement level. Next downside target is at $41,000.

The material has been provided by InstaForex Company -