14.03.202315:28 Forex Analysis & Reviews: Bullish break out for Bitcoin

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Red line -resistance

Violet lines- Fibonacci retracement levels

Bitcoin has now broken above the $25,200-$25,257 double top. Bitcoin is now trading around $26,000 with price rising vertically after Friday's bottom. Price is breaking one resistance level after the other. We warned that a turnaround was very close, but Bitcoin is gaining each day a bigger bullish momentum. The 23.6% Fibonacci retracement is the first target we expect Bitcoin to capture. If price stays above $25.300 we could very well see a bigger bounce towards the next key Fibonacci retracement at $35,800. This week's low are now key support for the short-term trend.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

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.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade