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Bitcoin continues to trade around $30,000 after making a low around $25,000. Price remains in a bearish trend and we continue to consider this bounce as a counter trend move. However we should not ignore the upside potential as long as price holds above $29,000.
Red lines- Fibonacci extension targets
Bitcoin is bouncing after the sharp decline to $25,000. Upside potential for Bitcoin should not be ignored as a move towards the blue resistance trend line or the 100% extension target at $35,200 is very probable if bulls continue to hold price above the recent lows. The big question is if the entire decline from its $48,200 high is over! If the entire decline is over we could see price bounce towards $40,000. Until then traders need to be cautious.
¡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.
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