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Bitcoin resistance levels continue to be breached

Bitcoin increased after ending its temporary and minor decline. It stands at 46,297.12 level and seems to be determined to hit new highs. Technically, the cryptocurrency has managed to break above a dynamic resistance signaling strong buyers in the short term.

BTC/USD is located right below strong resistance levels. We'll have to wait for a fresh trading opportunity as right now we don't have anything really good. It's risky to buy it below the immediate upside obstacles.

The bias is bullish despite a temporary decline. A potential drop may help bulls to catch a new leg higher.

BTC/USD Tageting New Highs

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Bitcoin has managed to jump above the fourth warning line (wl4) of a former descending pitchfork. The R1 (47,048.58) and the upside line are seen as upside targets. Personally, I would have like to see a temporary decline along the warning line (wl4) to test and retest it before jumping higher.

A minor consolidation, sideways movement, followed by a new higher high may announce an upside continuation. The bias is bullish as long as it stays above the psychological level of 43,000.

Forecast

The warning line (wl4) retest, a false breakout, followed by a new higher high could validate more gains.

Also, jumping and stabilizing above the weekly R1 (47048) may signal further growth towards the psychological level of 50,000.

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