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Bitcoin strong growth signaled

Bitcoin skyrocketed after retesting the broken resistance of 43,000. Now it is pressuring a dynamic resistance. The bias is bullish, so there's a big chance that BTC/USD will break the immediate resistance levels.

The price of Bitcoin has escaped from a major range signaling strong upwards movement ahead. Any temporary decline could help us to catch new long opportunities. Now it is too late to go long as BTC/USD is trading near resistance.

BTC/USD Up Channel

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Bitcoin has resumed its growth after retesting the 43,000 psychological level. It stands within an upward channel, so the bias is bullish. It's pressuring the fourth warning line (wl4) of a former descending Pitchfork.

Also, BTC/USD is likely to reach the 47,042.61 weekly R1 which is seen as resistance as well. Escaping from the range formed between 30,066 and 43,000 signals a broader upwards movement.

Outlook

A retest of 43,000 was seen as a long opportunity. Actually, the major bullish candle signaled further upside continuation. The bias is bullish as long as it stays above the uptrend line, the channel's support.

Jumping and closing above the fourth warning line (wl4) signals potential further growth. Only false breakouts above it could signal a temporary decline.

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