Bitcoin was standing at 57,236.65 at the time of writing that is below the 57,855.79 today's high. It decreased a little after reaching a dynamic resistance. The outlook is bullish, so the crypto could jump towards new highs anytime.
Yesterday, the price of Bitcoin printed a false breakdown with great separation below the immediate support levels, so an upside continuation is favored. Bitcoin was up by 2.03% in the last 24H and by 16.79% in the last 7 days.
BTC/USD Challenges A Dynamic Resistance!
BTC/USD challenges the first warning line (wl1), which stands as a dynamic resistance. It moved sideways below the 55,800 level in the short term accumulating more bullish energy. As you can see, the price of Bitcoin printed a false breakdown with great separation below 52,956 static support and under the ascending pitchfork's upper median line (uml) confirming strong bulls and a potential upside continuation.
Making a valid breakout through the warning line (wl1) and above the weekly R1 (58,551.11) could activate further growth. The bias remains bullish as long as it stays above 55,800 and above the 150% Fibonacci line.
Bitcoin Outlook!
Jumping, closing, and stabilizing above the weekly R1 (58,551.11) is seen as a bullish signal. The R2 (62,372.42) and the 64,895.22 all-time high are seen as upside targets.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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