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Bitcoin trades in the green at 51,650 at the time of writing and it seems strong enough to jump way higher again. The rate has retested the short-term uptrend line and now it moves upwards.
I've told you in my previous analysis that BTC/USD maintains a bullish outlook and that we may have a great buying opportunity from above the $50,000 if the rate stabilizes above this level.
Technically, the corrective phase was ended after printing a major bullish engulfing reversal pattern. Fundamentally, the price could continue to increase as we don't have any reasons why the rate could register an important decline.
As you can see on the H4 chart, the rate consolidated above the uptrend line, S1 (49,419), WL1, and right above the 50,000 psychological level signaling that it could resume its growth.
Now is traded above 51,415 short-term higher high signaling a potential growth towards the PP (53,895), WL2, or even up to the 58,367 all-time high. So, you should keep in mind that Bitcoin's price could increase further as long as it stays above the black uptrend line.
A larger corrective phase will be signaled only by a valid breakdown through the immediate uptrend line.
Buy BTC/USD if the price closes the current H4 candle above 51,415 former high and use the Pivot Point (59,895) as the first target. Closing above the PP signals further growth towards WL2 or even higher towards fresh historical highs.
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