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24.02.202113:00 Forex Analysis & Reviews: Technically, Bitcoin

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Bitcoin (BTC/USD) is now trading at 50,531, higher compared to 44,888 yesterday's low. The price action printed a major bullish engulfing signaling that the corrective phase is complete. From the technical viewpoint, BTC/USD is traded above the near-term uptrend line which is a bullish sign.

Still, the rate could still pressure the immediate support levels before jumping higher. Moreover, the price action has invalidated a larger corrective phase, so it could try to come back higher towards 58,367 all-time high again.

BTC/USD Optimistic Buyers!

Bitcoin Testing The Buyers! that a major bullish engulfing or a false breakdown with great separation should bring a long opportunity after confirming that the retreat is over.

It's traded above the 50,000 psychological level and above the S1 and WL1 obstacles. Consolidating and stabilizing above the black uptrend line signals further growth ahead. The uptrend retest could bring a long opportunity.

Forecast & Tips!

The black uptrend retest or a new false breakdown with great separation through it brings a great long opportunity. Bitcoin will be expected to increase as long as it stays above the uptrend line.

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