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$45,000 proves to be key support for Bitcoin.

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Although Bitcoin price had broken the upward sloping support trend line, price has found support at the horizontal level of $45,000 which previously was tested 4 times during December. Bitcoin remains vulnerable to more downside towards $40,000 as long as bulls do not recapture $52,000.

Blue line- support

Black lines- Fibonacci retracements

Bitcoin has tested the blue horizontal support several times the last 40 days. Price got rejected at the 38% Fibonacci retracement and bulls are now on the defensive. Bulls must protect $45,000 and in order to resume the uptrend, they will need to break above $52,000 and the 38% Fibonacci retracement. Bitcoin has the potential to bounce towards $55,000 and higher if support at $45,000 holds. I can not see how this can happen if $45,000 fails to hold. If support is broken, I expect $40,000 to be tested and most probably broken downwards.

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

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