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More Bitcoin buyers jumped in

Bitcoin is strongly bullish and continues to climb. It has increased to as high as 61,749 today. Now it's located at 61,374.10 level. You should know that BTC/USD is likely to reach fresh highs anytime. Technically, it has taken out strong upside obstacles, so the current growth is natural.

The price registered 8.57% growth from 56,877 today's low to 61,749 today's high. In the last 7 days, BTC/USD was up by 12.71%. After the current strong rally, maybe we should wait for a temporary decline before deciding to go long again.

BTC/USD seems unstoppable

analytics6169ba00274f3.jpg

BTC/USD resumed its growth after taking out the first warning line (wl1) and the weekly resistance (58,535) levels. I've already mentioned that breaking above these obstacles may signal further growth.

After its false breakdown with great separation below the upper median line (uml), 52,956, and under the weekly pivot point signaled strong buyers. Staying near the warning line (wl1) announced an imminent upside breakout.

Bitcoin forecast

The immediate upside target is seen at the weekly R2 (62,403.04). Also, the 64,895.22 all-time high stands as a major upside target. Personally, I believe that a temporary decline could bring new long opportunities.

In the short term, it could come back to test and retest the 60,000 psychological level before resuming its upside journey.

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