11.02.202215:20 Forex Analysis & Reviews: Can Bitcoin continue higher towards $54,000?

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Bitcoin is currently trading just above $43,000. Bitcoin price has broken above the resistance trend line and is making higher highs and higher lows. Bitcoin has so far retraced 38% of the entire decline relative to its all time highs.

Red line - resistance (broken)

Black lines - Fibonacci retracements

Blue rectangle -potential target

Bitcoin has most probably completed the decline from its all time highs. Resistance is found at the 38% Fibonacci retracement at $46,550. Breaking above this level is key for the short-term trend in Bitcoin. Breaking above it, will give us a new bullish signal. The next upside target is at $54,000. The next big test for bulls is there.

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