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Has Bitcoin started a new rally or is this just a counter trend bounce after the weekend selloff?

Bitcoin bulls have managed to recapture the $50,000 price level after making a low close to $41,000 over the weekend. Volatility has spiked once again as price plummeted during the weekend only to find support around $40,000 and the 61.8% Fibonacci retracement which was our 2nd target.

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Black lines- Fibonacci retracements

Resistance is now found at $53,000 which was previously key support. Bulls need to break above this level in order to continue higher. Price has made a long lower tail on Saturday implying support is strong above $40,000. Bears need to break below $41,000 in order for prices to fall further towards $30,000. On the other hand bulls need to start making higher highs and higher lows. For now price has formed a higher low at $41,642 relative to the $29,000 low back in July. Longer-term trend remains bullish as price continues making higher lows and as long as price is above $29,000.

The material has been provided by InstaForex Company - www.instaforex.com

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