FX.co ★ Bitcoin breaks above trading range.

Finally Bitcoin has managed to push price above $31,500. Today Bitcoin price has provided us with a bullish signal. Will bulls manage to hold above $30,000? It is very important for the short-term trend for bulls to continue pushing price higher forming higher highs and higher lows.

Blue rectangle- horizontal support

Black lines -Fibonacci retracements

Bitcoin has broken above the horizontal resistance where we also found the 23.6% Fibonacci retracement resistance of the decline from $48,200. The break of the resistance level will most probably push price higher towards the 38% Fibonacci retracement at $34,000 where we find the 38% Fibonacci resistance. Failure to stay above $30,000 would be a sign of weakness and maybe a fake break out.