Bitcoin turned to the upside and now is trading at 27,267 at the time of writing. After its strong rebound, we cannot exclude a minor retreat as the crypto could try to test and retest the immediate support levels before jumping higher.
It has increased by 6.78% from 25,800 Friday’s low to 27,549 today’s high. The current rally helped the altcoins to rebound as well.
BTC/USD Retest Needed!
BTC/USD found support and strong demand right on the 26,193 downside obstacle and on the uptrend line. As you can see on the H4 chart, the rate registered a false breakdown with great separation below the immediate support levels signaling that the sell-off ended.
Now, it has escaped from a minor down channel (flag) and it seems determined to come back higher.
BTC/USD Outlook!
The aggressive breakout through the downtrend line announced a potential reversal. The 27,549 stands as a static resistance. Testing and retesting the broken levels and making a new higher high, a bullish closure above 27,549 represents a new buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin turned to the upside and now is trading at 27,267 at the time of writing. After its strong rebound, we cannot exclude a minor retreat as the crypto could try to test and retest the immediate support levels before jumping higher.
It has increased by 6.78% from 25,800 Friday’s low to 27,549 today’s high. The current rally helped the altcoins to rebound as well.
BTC/USD Retest Needed!
BTC/USD found support and strong demand right on the 26,193 downside obstacle and on the uptrend line. As you can see on the H4 chart, the rate registered a false breakdown with great separation below the immediate support levels signaling that the sell-off ended.
Now, it has escaped from a minor down channel (flag) and it seems determined to come back higher.
BTC/USD Outlook!
The aggressive breakout through the downtrend line announced a potential reversal. The 27,549 stands as a static resistance. Testing and retesting the broken levels and making a new higher high, a bullish closure above 27,549 represents a new buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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