Bitcoin has rebounded and it could hit 35,517.22 resistance level soon. In the short term, the bias is bullish after reaching a support zone.
The price action has developed a reversal pattern and it could confirm a potential upwards movement. Technically, the downside seems limited, BTC/USD has invalidated a potential further drop.
BTC/USD Imminent Breakout!
Bitcoin is traded at 34,522 level at the time of writing and it could challenge the 35,517 resistance again. It has decreased to retest the 30,066, the upper median line (uml), and the lower median line (LML).
Jumping and stabilizing above it could indicate a potential growth towards the ascending pitchfork's median line (ML). Actually, it could be attracted by the confluence area formed at the intersection between the warning line (wl1) with the median line (ML).
Outlook!
A bullish closure above the 35,517 level could be seen as a buying opportunity. A larger upwards movement will be confirmed if the price will make a valid breakout above the median line (ML) and through the warning line (wl1).
The material has been provided by InstaForex Company - www.instaforex.com