Analysis Cryptos Support & Resistance

Bitcoin developing upside continuation pattern

Bitcoin climbed as much as 21,012 yesterday registering a new high. Now, it is trading at 20,596 at the time of writing. After its strong rally, a temporary retreat is natural. The rate could test and retest the near-term downside obstacles before jumping higher.

In the last 24 hours, BTC/USD is down by 1.17% but it’s still up by 6.83% in the last 7 days. Bitcoin’s rally helped the altcoins to increase as well. So, DXY’s further growth could push the other major cryptocurrencies higher.

BTC/USD Retesting The Buyers!

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As you can see on the H1 chart, Bitcoin came back down to test and retest the 20,381 range’s resistance. You knew from my previous analyses that BTC/USD moved sideways within an extended range.

Now, it has escaped from this pattern by taking out the 20,381 resistance. Technically, the current drop could be only a temporary one. The bias remains bullish despite a minor retreat.

BTC/USD Forecast!

BTC/USD develop a minor flag pattern that could announce an upside continuation. Testing and retesting the 20,381, registering false breakdowns may announce a new bullish momentum. A valid breakout above the minor downtrend line and a new higher high activates an upside continuation and brings new long opportunities.

The material has been provided by InstaForex Company – www.instaforex.com


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