Bitcoin retests Fibonacci support.

Bitcoin made another pull back towards $37,350 at the 38% Fibonacci retracement. Price made a double bottom as support was respected. Bulls continue to control short-term trend as price recaptures $40,000 price level with potential to see a break out.

Red lines – resistance trend lines

Blue lines -Fibonacci retracements

Bitcoin re-tested the 38% Fibonacci retracement for the second time. This bounce off the 38% level confirms the importance of the support level. Breaking below this level will open the way for a deeper decline towards $34,000. However the double bottom at $37,300-$37,400 is an important sign of strength and if price breaks above the $42,000, we could see a bigger rise towards $50,000. As long as price is above $37,000 we are short-term bullish. Breaking above $42,000 will provide a bullish signal.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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