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Bitcoin challenges Fibonacci resistance

Bitcoin is in a bullish short-term trend. Price is making higher highs and higher lows after breaking above the $47,000 resistance. Price is challenging the 78.6% Fibonacci retracement of the entire decline from its all time highs to $29,000.

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Black lines - Fibonacci retracement

Bitcoin is now challenging the 78.6% level. This is Fibonacci resistance. Breaking above this level will increase chances of price moving to new all time highs above $65,000. The RSI has reached overbought levels. Chasing the price here to go long is risky. A pull back is justified in the short-term. However there is no sign of a reversal yet. Bulls remain in control of the trend.

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