The price of Bitcoin jumped higher in the short term and now is trading at 29,070. BTC/USD increased by 6.19% from Monday’s low of 27,666 to 29,378 today’s high. As you already know from my analyses, the bias is bullish despite temporary drops.
In the last 24 hours, BTC/USD is up by 2.33% and by 0.07% in the last 7 days. Technically, after its strong growth, we cannot exclude minor retreats. Still, in the short term, the crypto could extend its sideways movement.
BTC/USD Strong Upside Pressure!
As you can see on the H4 chart, the rate found demand at 27,883 and now it has turned to the upside. It has reached the median line (ml) which represents a dynamic resistance. The BTC/USD registered only false breakouts in the short term, so it could come back to retest the weekly pivot point of 28,748.
Bitcoin is trapped between 27,883 and 30,022 levels. From the technical point of view, the current sideways movement could represent a bullish pattern as the bias is bullish.
BTC/USD Outlook!
A new higher high, a bullish closure above 29,378 may announce further growth. Still, only a valid breakout through 30,022 activates further growth and really confirms an upside continuation. This is seen as a bullish opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
The price of Bitcoin jumped higher in the short term and now is trading at 29,070. BTC/USD increased by 6.19% from Monday’s low of 27,666 to 29,378 today’s high. As you already know from my analyses, the bias is bullish despite temporary drops.
In the last 24 hours, BTC/USD is up by 2.33% and by 0.07% in the last 7 days. Technically, after its strong growth, we cannot exclude minor retreats. Still, in the short term, the crypto could extend its sideways movement.
BTC/USD Strong Upside Pressure!
As you can see on the H4 chart, the rate found demand at 27,883 and now it has turned to the upside. It has reached the median line (ml) which represents a dynamic resistance. The BTC/USD registered only false breakouts in the short term, so it could come back to retest the weekly pivot point of 28,748.
Bitcoin is trapped between 27,883 and 30,022 levels. From the technical point of view, the current sideways movement could represent a bullish pattern as the bias is bullish.
BTC/USD Outlook!
A new higher high, a bullish closure above 29,378 may announce further growth. Still, only a valid breakout through 30,022 activates further growth and really confirms an upside continuation. This is seen as a bullish opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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