What's next after Bitcoin broke the level of $ 50,000?

Yesterday's bitcoin review identified an important level of $ 50,000 per coin. The closing of yesterday's trading occurred higher, which indicates the beginning of the implementation of a new phase of the upward movement.

If the price holds above the specified level today, then updating the high will be the only first stage towards the continuation of the bullish medium-term impulse. The next target level should be considered at $ 55,000. It is important to understand that testing this level will also require consideration of the reaction.

Bitcoin's growth rate is quite high, but it is still in the flat phase at the monthly level. Moreover, it should be noted that holding the price below the $ 55,000 mark will lead to the resumption of decline to the May lows, so purchases at current levels are not profitable.

Now, a lot of people would like to follow the trend and try to take the possible movement of $ 60,000, but there is no need to rush since the probability of a corrective rebound from the level of $ 55,000 is quite high. After a pullback, purchases will have a good risk/profit ratio, which is not present at current levels. The resistance zone is too strong above the September maximum.

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

from RobotFX