FX.co ★ Bullish break out for Bitcoin

Red line -resistance

Violet lines- Fibonacci retracement levels

Bitcoin has now broken above the $25,200-$25,257 double top. Bitcoin is now trading around $26,000 with price rising vertically after Friday's bottom. Price is breaking one resistance level after the other. We warned that a turnaround was very close, but Bitcoin is gaining each day a bigger bullish momentum. The 23.6% Fibonacci retracement is the first target we expect Bitcoin to capture. If price stays above $25.300 we could very well see a bigger bounce towards the next key Fibonacci retracement at $35,800. This week's low are now key support for the short-term trend.