FX.co ★ Bitcoin approaches first target of 61.8% Fibonacci retracement.

Bitcoin is trading above $46,000 and is approaching our first target of $47,885 where we find the 61.8% Fibonacci retracement of the entire decline from its all time highs to $29,000.

Bitcoin's last bullish signal was when price broke above the red trend line resistance and the 38% Fibonacci retracement. So far price is making higher highs and higher lows. Short-term trend is bullish. Resistance is at the 61.8% Fibonacci retracement. At this retracement level we usually see trend reversal. A reversal from this level is justified. Bulls need to be cautious.