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12.01.202314:56 Forex Analysis & Reviews: Bitcoin breaks out of short-term trading range.

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Black line- resistance

Red lines- trading range

Bitcoin is trading again above $18,000. Price has broken out of the trading range it was in since November and at the same time price is breaking above key short-term resistance trend line coming from $32,300. These are the first signs of strength after a long time. Since June, Bitcoin has mode no real progress. Any bounce attempt was met with more selling and new lower lows. However price made a low at $17,600 in June and at $15,600 in November. Technically trend remains bearish as long as price is below $21,470. On a weekly basis the RSI has provided bullish divergence signs. Bulls hope for a major reversal from current levels.

Alexandros Yfantis
Analytical expert of InstaForex
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