Bitcoin has increased as much as $64,896 today setting a new all-time high. The price is strongly bullish so it could reach fresh new highs if it closes above the new historical high.
As you already know from my analyses, BTC/USD was expected to jump higher after failing to reach and retest the immediate uptrend line in its last attempt. A minor retreat could help the buyers to catch a new upwards moment.
BTC/USD is traded at $64,514 at the time of writing and it stands below immediate obstacles. So, we cannot exclude a minor decline before resuming its major uptrend.
BTC/USD Seems Unstoppable!
Bitcoin (BTC/USD) stands right below the weekly R2 ($64,701), the daily R1 ($64,961), and under $65,000 psychological level. You know from my analysis that the major upside target is seen at the red upside line, Resistance Wedge's resistance.
The upwards movement will be safe as long as the rate stays above $61,788 former all-time high. A temporary retreat could help us to catch a new upside momentum.
Also, jumping and closing above the $65,000 psychological level may signal further growth towards the red upside line.
Bitcoin Outlook!
The aggressive breakout through $61,788, the weekly R1 ($62,322), and above the daily pivot ($62,387) represented a buying signal. Now, consolidating above these broken levels could bring a new long opportunity.
Also, a valid breakout above $65,000 could bring a short-term buying signal with an immediate target at the Rising Wedge's resistance.
The material has been provided by InstaForex Company - www.instaforex.com