Bitcoin increased as much as 59,250 today here it has found a strong supply. Now, it is trading at 57,633.57 level far above 55,918.80 today's low. In the short term, its trajectory seems vague. Technically, it is moving sideways trying to attract more buyers before jumping higher.
BTC/USD is in the red by 0.90% in the last 24 hours and by 0.19% in the last 7 days. From the technical point of view, the crypto signaled that the downside is limited and that bulls could take the lead again. Yet, we still need strong confirmation before considering going long.
BTC/USD Accumulates More Bullish Energy!
BTC/USD has found support on the 50% (54,329.45) retracement level and right below the median line (ml). The upside momentum was stopped inside of the 58,933 - 59,953 resistance area.
It has registered only a false breakout with separation above 58,933. Now, it is hovering below the 38.2% (57,783.06) retracement level. The buyers are still strong as BTC/USD failed to stabilize below the weekly pivot point (56,712.93).
BTC/USD Outlook!
A strong consolidation above the weekly pivot point of 56,712.93 could signal an imminent upside breakout through 58,933 - 59,953.74 area and above the upper median line (uml). A new low, a bearish closure below 55,918.80 could invalidate the upside scenario and could signal more declines ahead.
An accumulation followed by a new higher high, a bullish closure above 59,250 today's high could signal an upside continuation. Actually, a valid breakout above the upper median line (uml) and above the 60,000 psychological level could announce a potential growth towards 69,000 all-time high.
The material has been provided by InstaForex Company - www.instaforex.com