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Bitcoin ends its correction, upside movement activated

Bitcoin rallied after failing to take out the support zone or to make new lower lows. Today's rally was somehow expected after moving sideways and accumulating bullish energy. Today, the price of Bitcoin has registered a 10.67% growth from 43,291 daily low to 47,911.47 daily high.

Also, it's up by 13.64% in the last 7 days, so finally, BTC/USD has jumped into the green territory. In the short term, we cannot exclude a temporary decline or consolidation before BTC resumes its growth.

BTC/USD increased as expected

analytics61574a85df7d4.jpg

Technically, the price of Bitcoin has registered an aggressive rally through the downtrend line and above the Ascending Pitchfork's median line (ml). It's located above the 23.6% retracement level and right above the weekly R1 (47,155.91).

Stabilizing above these levels and above the median line (ml) could bring us new long opportunities. A temporary consolidation will signal that BTC/USD is likely to climb higher at least towards the 50,000 psychological level.

Bitcoin outlook

Validating the breakout above the 23.6%, R1, and through the median line (ml) may signal an upside continuation. So, testing and retesting the broken levels could bring new opportunities.

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