Trading Conditions
Products
Tools
Bitcoin continues to trade around $57,000 as price is mostly moving sideways the last couple of sessions. Price remains below the short-term resistance at $59,000 and above the recent key lows at $53,500.
Yellow rectangle - resistanceBlue rectangle- target if resistance is broken
Blue lines - Bullish RSI divergence
Black lines - Fibonacci retracements
Bitcoin as we mentioned in previous posts, has most probably completed its first leg down around $53,000 and is now bouncing. Our first target was the 38% Fibonacci retracement. Our second and final target is at the 61.8% Fibonacci level. I believe a move towards the blue rectangle is the most probable scenario. This scenario gets cancelled if price breaks below $53,000 level.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.