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30.11.202215:00 Forex Analysis & Reviews: Short-term bullish signs for Bitcoin as price breaks above $16,550.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 30.11.2022 analysis

Green line -Fibonacci retracements

Red line- resistance trend line

Bitcoin is trading around $16,840 after reaching as high as $17,080. Bitcoin price broke above the short-term downward sloping resistance trend line we mentioned in our previous analysis. Bitcoin reached once again the 23.6% Fibonacci retracement. For the last two weeks price has been trading inside a trading range and we are now challenging the upper boundary of this trading range. Will bulls prove strong enough to break above it? If the 23.6% retracement level is broken upwards, then we expect Bitcoin to move towards the 38% Fibonacci level at $17,790. A rejection at $16,930 where the 23.6% retracement is found, could lead to a pull back towards $16,400-$16,500. Support is found at $16,330 and a break below it would be a sign of weakness.

Alexandros Yfantis
Analytical expert of InstaForex
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