Bitcoin successfully back tests break out area.

Bitcoin is trading around $64,500. Price has pulled back towards the $63,300 break out area as a back test after the break out. So far price has respected both the horizontal support and the upward sloping trend line.

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Red rectangle- horizontal support

Blue line- upward sloping trend line support

Bitcoin continues making higher highs and higher lows. It is important for the bullish short-term trend, bulls to hold price above the blue trend line. Support by this trend line is at $62,000. Price so far only back tested the red horizontal support area, which was once resistance. Bouncing off this level it is an important bullish sign. Failure to stay above $62,000 would be bearish for the near term.

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

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