FX.co ★ Bitcoin approaches first target area.

Bitcoin continues moving higher. Price is now above $45,000 price level and is approaching our first Fibonacci target at the 61.8% retracement. Short-term trend remains bullish.

Blue lines -Fibonacci retracements

Bitcoin has moved above the 50% Fibonacci retracement. Our target was at the 61.8% level and we continue to expect price to reach this level and test this important Fibonacci resistance. A rejection at the 61.8% level could lead to a reversal and a pull back towards the red broken resistance trend line. If price breaks above the 61.8% retracement and stays above it, then I will be expecting price to surpass $50,000 fast.