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

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

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.

Popular

Pages

Expert In

Name*


Message*

Bitcoin vulnerable to a move towards $54,000

Bitcoin recently got rejected at the horizontal resistance at $63,500 and is now challenging the short-term support at $60,500. Bitcoin has the potential for another pull back towards $54,000, similar to the decline from $66,900 to $57,000.

analytics61859a90111d8.jpg

Red rectangle -horizontal resistance

Red lines - Fibonacci extension targets

Blue line- short-term support

Bitcoin is trading around $60,800. Price has made no real progress over the last couple of days. In order for Bitcoin to continue to new all time highs, bulls will need to recapture the $63,500 level and stay above it. On the other hand, price seems vulnerable to a pull back towards $57,000 and lower. Price is now testing the short-term support trend line shown in blue in the chart above. Breaking below the support trend line will be a sign of weakness and I expect more downside to follow.

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