empty
 
 
30.11.2022 03:00 PM
Short-term bullish signs for Bitcoin as price breaks above $16,550.

This image is no longer relevant

Green line -Fibonacci retracements

Red line- resistance trend line

Bitcoin is trading around $16,840 after reaching as high as $17,080. Bitcoin price broke above the short-term downward sloping resistance trend line we mentioned in our previous analysis. Bitcoin reached once again the 23.6% Fibonacci retracement. For the last two weeks price has been trading inside a trading range and we are now challenging the upper boundary of this trading range. Will bulls prove strong enough to break above it? If the 23.6% retracement level is broken upwards, then we expect Bitcoin to move towards the 38% Fibonacci level at $17,790. A rejection at $16,930 where the 23.6% retracement is found, could lead to a pull back towards $16,400-$16,500. Support is found at $16,330 and a break below it would be a sign of weakness.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback