Analysis Cryptos Support & Resistance

Bitcoin: new bullish pattern in play

Bitcoin slipped lower after failing to make a new higher high but the bias remains bullish in the short term. It was traded at 20,507 at the time of writing. The price action developed a potentially bullish pattern.

BTC/USD dropped by 3.03% from Saturday’s high of 21,078 to 20,439 today’s low. In the last 7 days, the cryptocurrency is up by 6.13% but is down by 1.14% in the last 24 hours. The price could test and retest the near-term support levels before jumping higher.

BTC/USD Retests Buyers!

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As you can see on the H1 chart, the crypto found resistance around 21,012 again and now it has dropped. It has registered only a false breakout and now it was almost to reach 20,381 static support.

As long as the token stays above the uptrend line, it could develop a new bullish momentum.

BTC/USD Forecast!

An upside breakout from the current pattern may signal further growth. A new long opportunity could be confirmed by a valid breakout through the 21,012 level.

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


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