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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



Bitcoin remains on track to our short-term $63,000 target.

Bitcoin is trading around $58,000 and price is forming higher lows. Price has potential to push towards $63,000 where we find important Fibonacci resistance. Since bottoming around $53,000, we mentioned that it was time for Bitcoin to move higher or at least make a short-term bounce towards $63,000.


Black lines - Fibonacci retracements

Blue lines -bullish divergence

Yellow rectangle - resistance

Blue rectangle- target if short-term resistance is broken

The RSI provided us with the first reversal warning. Price bounced initially towards the 38% Fibonacci retracement and now it is time for a move towards the 61.8% level. Resistance is at recent highs at the 38% Fibonacci level and breaking above it will be another bullish signal that will push price towards the 61.8% level. The bullish RSI divergence made us confident of a possible reversal and we are now on top of that reversal. Support is found at $56,000 and next at $53,000. Bulls do not want to see price break below $53,000.

The material has been provided by InstaForex Company -