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Bitcoin continues to move sideways in the short term. It's located at 16,449 at the time of writing. The price action signaled once again that the sellers are exhausted. The cryptocurrency turned to the upside but a larger growth is far from being confirmed.
BTC/USD is up by 1.34% in the last 24 hours and by 1.75% in the last 7 days. A larger growth should force the altcoins to jump higher as well.
Technically, the rate dropped a little in the short term after reaching 16,783. It has developed a down-channel pattern. Now, it has found support right below the weekly pivot point (16,228), so the chart formation could bring an upside continuation.
The downtrend line and 16,783 represent upside obstacles. Its failure to stabilize below the weekly pivot point of 16,228 signaled exhausted sellers.
A new higher high, registering a valid breakout through the 16,783 validates further growth and offers new buying setups.
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