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Bitcoin ready to jump higher

Bitcoin is trading at 61,830.73 level at the time of writing, far above 56,677 yesterday's low. The bias is bullish, so BTC/USD could approach and reach new highs soon. Technically, the crypto is located at near-term resistance, a valid breakout through the immediate obstacles could announce further growth.

Bitcoin is up by 0.83% in the last 7 days and by 0.64% in the last 24 hours. After yesterday's huge spike down, BTC/USD could resume its upside journey anytime. Technically, the price action signaled that the downside movement is over and that the price could turn to the upside.

BTC/USD Down Channel Breakout!


BTC/USD is trading in the green and is almost to escape from the down channel pattern. As you can see, the crypto registered a false breakdown with great separation below 58,933 static support, 58,100 former low, and under the weekly S1 (57,607.27).

The pin bar candle signaled that the downside is over and that the rate could start increasing again. Making a valid breakout through the downtrend line and above the weekly pivot point (62,328.90) could announce and activate further growth.

Bitcoin Forecast!

Escaping from the down channel and stabilizign above the 61,781.83 level and above 62,328.90 could announce further growth towards 64,895.22 and up to the 67,016.50 all-time high.

The material has been provided by InstaForex Company -