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10.02.202117:09 Forex Analysis & Reviews: Bitcoin reverses

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Bitcoin reached an important Fibonacci extension target at $47,800 and is now pulling back. Price is at $44,730. Trend remains bullish despite today's weakness. As long as price is above $32,500 short-term trend is bullish.

Red lines - Fibonacci extension

BTCUSD has reached the 161.8% Fibonacci extension of the first upward move from $28,930 to $38,638. A pull back towards $40,000-$41,000 is justified and could provide fuel for the next upward move that could push price above $50,000. The Daily RSI is overbought but is not making new higher highs. This is a bearish divergence. This is not a reversal signal but just a warning for bulls to be cautious.

Alexandros Yfantis
Analytical expert of InstaForex
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