Bitcoin has manage to push above $40,000 today but the advance has stopped as this is a very important resistance area. If bulls manage to recapture $40,000 and break above $41,000, we could see more upside towards $50,000.
Black line - major support of triple bottom
Bitcoin as can be seen in the chart above is trading at an important resistance area where multiple trend lines and horizontal resistance levels meet. Ideally for bulls price would make a shallow pull back and break above $41,000 and continue higher towards $50,000. If price gets rejected and breaks the triple bottom at $29,000, this will be a very bearish signal and we should then expect Bitcoin to reach $25,000 or even $20,000.
The material has been provided by InstaForex Company - www.instaforex.com