Bitcoin signals start of a pull back.


Bitcoin got rejected at the 78.6% Fibonacci retracement resistance and is now pulling back towards $55,000. Short-term trend remains bullish as long as price is above $39,500, but price is vulnerable in the near term to a pull back towards $50,000-$52,000 at least.

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Black lines -Fibonacci retracement

Bitcoin price is getting rejected at important Fibonacci resistance. The RSI as we mentioned yesterday was at overbought levels and justifies at least a short-term pull back. Previous highs at $52,873 is our minimum pull back expectations. A back test of the broken resistance at $52,873 is our primary scenario. If Bitcoin prepares a bigger correction is difficult to tell right now.




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Alexandros Yfantis
Analytical expert of InstaForex
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