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Bitcoin further growth expected

Bitcoin rallied after retesting the immediate support levels. The bias remains bullish so BTC/USD could approach and reach new highs anytime. The price is increasing as expected after taking out strong upside obstacles.

Bitcoin registered a 5.61% increase from today's low of 46,900 to today's high of 49,530. The cryptocurrency is located deep in the buyers' territory, so further growth is favored. Still, it remains to see how it will react around the 50,000 psychological level.

BTC/USD rally

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BTC/USD registered only a false breakout below the 23.6% retracement level and under the Ascending Pitchfork's median line (ml). Closing the current candle around the current levels, i.e.making a new higher high, may signal further growth.

Last week I predicted that a minor consolidation here could attract more buyers and could bring new long opportunities. Technically, BTC/USD is bullish as long as it stays above the median line (ml). The next upside targets are seen at the weekly R1 (51,384.73) and at the upper median line (uml).

Forecast

The false breakout with great separation followed by the current strong bullish candle indicates further growth. The upside scenario is intact, only a drop and stabilization below the median line (ml) may signal that BTC/USD growth is over.

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