Bitcoin grows again after failing to validate a larger correction. The price is trading at $58,055 at the time of writing, right below $58,367 static resistance.
BTC/USD is bullish and the price could approach and reach the $61,788 all-time high in the coming days. The price action signaled that the short-term decline is over and that the major crypto could resume its major uptrend.
BTC/USD Strongly Bullish!
BTC/USD failed to stabilize under the uptrend line. It has found support on the 50% Fibonacci line of the descending pitchfork and now it has escaped from the descending pitchfork's body.
It has decreased between the upper median line (uml) and the 50% Fibonacci line. The breakout from this minor channel was validated by the upper median line (uml) and the Pivot Point ($54,841) retest.
Bitcoin Forecast!
A bullish closure above $58,400 yesterday's high is seen as a bullish signal. The $61,788 historical high is seen as an immediate target. Jumping and stabilizing above it could indicate further growth.
The material has been provided by InstaForex Company - www.instaforex.com