Bitcoin breaks short-term key resistance.

As expected after confirming support at $37,000 and after making a double bottom at this level, Bitcoin price has finally broken above the key short-term resistance of $41,000-$42,000. Price has provided another bullish signal and is now trading around $45,000.

Red line - resistance (broken)

Blue lines -Fibonacci retracement

Bitcoin has broken the resistance trend line and the June high. Price is making higher highs and higher lows after the major bottom formation around $29,000. Price has reached the 50% Fibonacci retracement of the entire decline from its all time highs. Our expected bounce target remains at the 61.8% Fibonacci level where the most important resistance level is found. A reversal and break below $37,000 would be a bearish sign.

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