Bitcoin retreated in the short term but the bias remains bullish. It’s trading at 29,069 at the time of writing far below yesterday’s high of 29,887. After its amazing growth, a temporary drop was natural.
Bitcoin is down by 1.14% in the last 24 hours but it’s still in the green +3,54% in the last 7 days. BTC/USD’s growth should push the crypto market higher.
BTC/USD Minor Retreat?
BTC/USD dropped a little in the short term after failing to hit the 30,022 former high. It has found resistance at the weekly R1 (29,674).
Now, it could try to test and retest the median line (ml) of the ascending pitchfork which represents a dynamic support.
BTC/USD Forecast!
Testing and retesting the median line (lm), registering only false breakdowns may announce a new bullish momentum. This is seen as the first buying opportunity. Still, only a bullish closure above 30,022 validates an upside continuation.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin retreated in the short term but the bias remains bullish. It’s trading at 29,069 at the time of writing far below yesterday’s high of 29,887. After its amazing growth, a temporary drop was natural.
Bitcoin is down by 1.14% in the last 24 hours but it’s still in the green +3,54% in the last 7 days. BTC/USD’s growth should push the crypto market higher.
BTC/USD Minor Retreat?
BTC/USD dropped a little in the short term after failing to hit the 30,022 former high. It has found resistance at the weekly R1 (29,674).
Now, it could try to test and retest the median line (ml) of the ascending pitchfork which represents a dynamic support.
BTC/USD Forecast!
Testing and retesting the median line (lm), registering only false breakdowns may announce a new bullish momentum. This is seen as the first buying opportunity. Still, only a bullish closure above 30,022 validates an upside continuation.
The material has been provided by InstaForex Company – www.instaforex.com
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