Analysis Cryptos Support & Resistance

Bitcoin rallies as expected, 20,381 as key resistance

Bitcoin rallied in the last two hours and now is trading at 20,134. It has increased by 5.04% from the 19,222 intraday low to the 20,191 intraday high. You knew from my analyses that BTC/USD signaled exhausted sellers and that the price could develop a new bullish momentum.

In the last 24 hours, BTC/USD is up by 4.25% and by 3.63% in the last 7 days. The current rally helped the altcoins to grow as well.

BTC/USD Strong Upside Pressure!

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BTC/USD confirmed its breakout above the minor downtrend line after testing and retesting the broken levels and now it has ignored 19,700 and the R1 (19,962). The next upside target is represented by the 20,381 former high.

The crypto failed to approach and reach the former lows or to make a new lower low signaling an oversold market.

BTC/USD Outlook!

BTC/USD is strongly bullish. So, a valid breakout through 20,381 will activate a further upward move and will bring long opportunities.

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


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