Bitcoin climbed as much as 35,198 on Tuesday where it has found resistance. Now, it has slipped lower and is located at 33,928 at the time of writing. After such an impressive growth, a retreat is natural.
The cryptocurrency could come back to test and retest the near-term support levels before jumping higher. In the last 7 days, BTC/USD is up by 14.71%.
BTC/USD Minor Retreat!
Technically, BTC/USD is trading somehow sideways in the short term. It’s trapped between 35,198 and 33,258 (former low) levels.
Its failure to stay above the weekly R3 of 34,444 announced exhausted buyers. Still, the bias remains bullish as long as BTC stays above the median line (ml).
BTC/USD Forecast!
Testing and retesting the median line (ml) and registering only false breakdowns may announce a new bullish momentum. The 32,376 level represents a key downside obstacle. An upside continuation could be invalidated only if the rate drops below it.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin climbed as much as 35,198 on Tuesday where it has found resistance. Now, it has slipped lower and is located at 33,928 at the time of writing. After such an impressive growth, a retreat is natural.
The cryptocurrency could come back to test and retest the near-term support levels before jumping higher. In the last 7 days, BTC/USD is up by 14.71%.
BTC/USD Minor Retreat!
Technically, BTC/USD is trading somehow sideways in the short term. It’s trapped between 35,198 and 33,258 (former low) levels.
Its failure to stay above the weekly R3 of 34,444 announced exhausted buyers. Still, the bias remains bullish as long as BTC stays above the median line (ml).
BTC/USD Forecast!
Testing and retesting the median line (ml) and registering only false breakdowns may announce a new bullish momentum. The 32,376 level represents a key downside obstacle. An upside continuation could be invalidated only if the rate drops below it.
The material has been provided by InstaForex Company – www.instaforex.com
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