Bitcoin Imminent Upside Breakout!

Bitcoin drops at the moment of writing, but the bias is bullish after failing to confirm a deeper drop. It's traded near a strong dynamic resistance, a valid breakout could signal more gains.

The bias is bullish despite the current decline. The bullish pressure is high, so BTC/USD could jump higher anytime again after ending its drop. It could come back to test and retest the immediate support levels.

Bitcoin has recovered after its last corrective phase, sell-off, and now is trying to consolidate its gains before moving higher.

BTC/USD Bulls In Control!

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Bitcoin increased after registering only a false breakdown through the weekly pivot of 56,956. Now it has decreased a little after failing to hit the upper median line (uml) of the descending pitchfork.

Still, technically, I'm expecting the rate to reach the upper median line (uml) in the end. The bias is bullish as long as the price stays above the uptrend line.

Forecast!

A new higher high, a valid breakout above 59,499, and through the upper median line (uml) is seen as a bullish signal, buying opportunity with an upside target at 64,899 all-time high.

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

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