Bitcoin rallied in the last hours and now it stands at 39,298 far above 37,481 today's low. The cryptocurrency was into a corrective phase in the short term after an amazing swing higher. The retreat was natural and now it seems ready to come back higher.
It has increased by more than 5% from today's low and it continues to pressure immediate resistance levels. Taking out these obstacles and stabilizing in the buyer's territory may announce further growth. I've told you in my previous analysis that we cannot exclude a temporary retreat on Bitcoin after reaching a resistance area and after its strong rally.
BTC/USD Correction Is Over!
Bitcoin has found support on the 38.2% retracement level and now is pressuring the weekly pivot point (39,238) after closing above the third warning line. It has also reached the 23.6% level again.
Closing and consolidation above 23.6% and above 39,483.15 today's high could signal further growth. Ending its correction at the 38.2% level could indicate a potential comeback towards the 43,000 psychological level.
Outlook!
The bias is bullish in the short term. The bullish scenario could be invalidated only by a new lower low, by a drop below 36,386.19. Jumping and closing above the 40,000 psychological level may announce more gains.
A larger upwards movement may be activated by a valid breakout above the 43,000 level.
The material has been provided by InstaForex Company - www.instaforex.com