Bitcoin recently made a low at $29,200-$29,300 area and has since then started another leg higher. Short-term trend is bullish again with price making higher highs and higher lows. The recent double bottom at $29,200 area points to a move above $40,000.

analytics601d423f77cb0.jpg

Blue rectangle – resistance

BTC/USD is now challenging the horizontal resistance at $38,100-$38.500. So far price made a strong reversal from that level on January 29th and it was visited again yesterday but the rejection and pull back were weaker. This weekend we might see a break above the resistance towards $40,000. Support is at $36,500 and as long as price is above this level, we expect in the short-term price to climb above $40,000.

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

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.