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.
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
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