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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



Short-term analysis on Bitcoin.

Bitcoin is trading below $48,000 having made another lower high at $49,553 and is now moving lower. In our last post we warned that price was expected to move lower towards $42,000. The chances still favor a move lower as price looks vulnerable to such a pull back.


Black line -key short-term support

Red lines - Fibonacci extension targets

Bitcoin is now testing the horizontal support at the $46,500 area. Breaking below this level will produce a sell signal. If support fails to hold, I expect Bitcoin price to first reach the $45,300 level and later probably the $42.600 level. Although my medium-term expectations for Bitcoin remain bullish, in the short-term I remain bearish looking for the creation of a higher low around the $40,000 price level before continuing the up trend.

The material has been provided by InstaForex Company -