Bitcoin upside trend confirmed again

Bitcoin rallied at the time of writing and it seems determined to hit the psychological level of 50,000 soon. The cryptocurrency was into a corrective phase in the short term. I mentioned yesterday that BTC/USD could register only a temporary decline before jumping higher again.

Bitcoin is up 1.91% in the last 24h and 7.31% in the last 7 days. BTC/USD has raised by 4.23% from today's low of 47,100 to today's high of 49,094. Further growth should help the altcoins to increase as well.

BTC/USD bullish engulfing pattern

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Bitcoin has dropped after jumping above the fifth warning line (wl5). It has come back to retest the uptrend line and now it seems poised to resume its growth. It has tested and retested the wl5 as well.

As you can see on the H4 chart, BTC/USD has printed only a false breakdown below the weekly pivot point (47,701.68). The bullish engulfing pattern printed earlier signals strong buyers.

Forecast!=

BTC/USD is bullish and it could approach and reach new highs as long as it stays above the uptrend line. A new higher high, a valid breakout through 50,562 could signal further growth towards the channel's upside line.

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

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