The price of Bitcoin is trading at 49,034.17 at the time of writing. The price action signaled that the downside is over and that the bulls could take the lead again. Still, an upside continuation needs confirmation, so we'll have to wait for a strong bullish signal before considering going long.
In the last 24 hours, BTC/USD is up by 4.22%, but it's still down by 2.90% in the last 7 days. In the short term, the price developed an upside reversal pattern. Though, a new leg higher is far from being confirmed.
BTC/USD Throwback!
Bitcoin found support on 46,201.01 level and now is traded back above the descending pitchfork's lower median line (ml) which represeted a dynamic resistance. The weekly pivot point 49,651.51 is seen as an immediate resistance. Also, the downtrend line stands as a dynamic resistance.
Making a valid breakout above the pivot point, above the downtrend line, and through the 50,000 psychological level could announce an upside continuation.
BTC/USD Outlook!
Its failure to take out the 46,201.01 static support signaled potential bullish momentum. Jumping, closing, and stabilizing above the 50,000 psychological level could activate further growth towards the descending pitchfork's upper median line (uml). A valid breakout above the immediate upside obstacles could bring new long opportunities.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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