Bitcoin decreased again trying to accumulate more bullish energy before jumping higher. The bias is bullish, so BTC/USD could resume its growth soon after it ends its current decline.
The price has come back down to test and retest the immediate support levels before starting a new upside momentum. Bitcoin could move sideways in the short term before more buyers will step into the game.
BTC/USD Temporary Decline!
BTC/USD has found resistance above 56,873 and now is retesting the upside 50% Fibonacci line of the descending pitchfork. The bias remains bullish as long as the price stays above the immediate black uptrend line.
It could retest the weekly pivot (54,679) before developing a new leg higher. The uptrend line retest could signal further growth as well.
Bitcoin Forecast!
Coming back above 56,873 is seen as a new long opportunity with an upside target at the upper median line (uml) of the descending pitchfork.
The material has been provided by InstaForex Company - www.instaforex.com