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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 Bitcoin analysis.

Bitcoin price is trading around $57,000. Price is showing signs of strength and is very close to confirming a bearish channel break out. There are increased chances that the decline from $68,959 is complete and that price has started a counter trend bounce.


Red lines - bearish channel

Blue lines- bullish divergence

Black lines - Fibonacci retracements

Bitcoin is still below the recent high at $59,368. This is the most important short-term resistance level. Breaking above it will open the way for a move towards the 61.8% retracement level and the $63,000 price. The decline from recent all time highs has lost its strength. The RSI is providing bullish divergence signals and this is an important warning. Although in the short-term I see price bouncing higher towards $62,000-$63,000, there are increased chances of a lower high to be formed.

The material has been provided by InstaForex Company -