Bitcoin rallied in the last hours and it seems poised to come back higher. It has increased after reaching strong support levels. I've mentioned earlier that BTC/USD could register only a temporary decline before jumping higher. The volume is up by 0.04% in the last 24H.
It's located at 45,511.69 below 45,950 today's high. BTC/USD has increased by more than 4.5% today. Still, we need confirmation that the price of Bitcoin will jump towards 50,000 psychological level. The bias is still bullish, so we can search for long opportunities.
BTC/USD bounce back
BTC/USD dropped after its failure to stabilize above 45,998.71 weekly pivot point. It has retested the uptrend line failing to reach and retest the weekly S1 (43,813.93) level. As you already know from my analysis, Bitcoin is bullish as long as it stays above the uptrend line.
The weekly pivot point is seen as a static resistance. Jumping and stabilizing above it may signal further growth. The bullish engulfing pattern printed earlier signals strong buyers. Technically, only a valid breakout below the uptrend line could invalidate an upside continuation.
Bitcoin forecast
Jumping and closing above the 45,998.71 weekly pivot point is seen as a bullish signal. 48,190 higher high is seen as a near-term upside target. Only a new higher high could validate a larger upwards movement.
The material has been provided by InstaForex Company - www.instaforex.com