Bitcoin continues to move sideways but it should exit this range soon. The price is traded at 43,184 at the time of writing below 43,835 today's high. Technically, the price action invalidated a deeper drop, so we could search for new buying opportunities. BTC/USD has shown some oversold signs, but it's premature to consider going long before getting confirmation.
It's up by 2.68% in the last 24 hours, but it is still in the negative territory in the last 7 days. BTC/USD has printed a minor triangle pattern in the short term. Escaping from this formation could bring fresh opportunities in Bitcoin.
BTC/USD Downside Invalidated!
As you can see on the H4 chart, the price of Bitcoin failed to stabilize under the ascending pitchfork's lower median line (lml) signaling strong upside pressure. Now it has found temporary resistance right above the weekly pivot point (43,381.51).
Technically, a valid breakout through the immediate downtrend line may signal a potential growth at least towards the median line. Failing to reach the downtrend line or registering a false breakout may bring a new sell-off.
Bitcoin Forecast!
A new higher high, jumping and closing above 44,377, and a valid breakout through the immediate downtrend line may signal further growth in the short term.
On the other hand, dropping and closing under 40,192 could announce a deeper drop.
The material has been provided by InstaForex Company - www.instaforex.com