Bitcoin has broken the $44,500 resistance and is now trading at $47,180. Price has broken above the short-term downward sloping trend line. This was our first bullish signal. Bulls no matter what must continue to defend the $40,500 price level.
Blue line- trend line resistance
Bitcoin has made a sharp move higher above $44,500 and is showing upside potential. Key support remains at $40,500 and at $42,800. Bulls must defend these levels. Trend is still bearish as price is still below the 18th of September high at $48,719. A daily close above this number will be a major bullish signal. Until then any bounce is considered a selling opportunity.
The material has been provided by InstaForex Company - www.instaforex.com