Black line- resistance
Purple lines- Fibonacci retracements
Red lines- trading range
Bitcoin is trading inside the short-term trading range it is in since early November. Price is around $17,260 with a short-term upward momentum. Price is now challenging the medium-term resistance trend line coming from $32,370. The 38% retracement and the upper range boundary provide resistance between $17,800 and $18,000. A break above this level would be positive both for the short-term and the medium-term. 1st upside target would be the $19,200 where we find the 61.8% retracement level of the last decline from $21,470. As one can see, there are very important obstacles ahead in order to call for a trend reversal in Bitcoin. Bulls have a lot of work to do.
The material has been provided by InstaForex Company – www.instaforex.com