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Bitcoin made a high just below $53,000 and is now turning lower. In our last analysis we warned that there is a bearish scenario looking for a major reversal from current levels around $52,000 that could bring price towards $29,000 and lower. Although it is too early to call a major top, traders have to pay attention to the key resistance just above.
Blue lines - bullish channel
Green lines - Fibonacci retracements
As we mentioned in yesterday's analysis, Bitcoin is trading at a major Fibonacci retracement level where we usually see trend reversals. The 61.8% Fibonacci level is a key resistance. Price was expected to reach $52,000 and reverse. The reversal is under way and fully justified. Price has support at $47,000. I expect this level to be tested. Breaking below it will be a bearish sign. In the Daily chart of Bitcoin we also have a warning signal by the RSI as it has produced a bearish divergence. There are signs that the bullish trend is weakening. However there is no confirmation of a major top yet.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
