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Bitcoin is now trading at $51,501 level after ignoring the $50,000 psychological level. The cryptocurrency was expected to resume its growth after the price action has signaled that the temporary drop is over.
If you remember from my analysis Bitcoin Buyers Attack $50,000 posted yesterday, you should already know that BTC/USD should increase if it passes and stabilizes above the $50,000 upside obstacle. Moreover, the upside breakout from a minor Falling Wedge pattern signals further growth.
Bitcoin has increased aggressively today and most likely it will close the current H4 bullish candle above $50,250 former high confirming more gains and offering a great long opportunity.
The price failed to stabilize under the Pivot Point ($48,599) level signaling that the buyers will take full control in the short term. The immediate upside target is seen at the R1 ($54,217) level.
Closing the current H4 candle far above $50,250 former high represents a buying signal. The $54,217 and the $58, 367 could be used as targets. A larger growth could be confirmed by a valid breakout through the second warning line (WL2) and above $58,367 all-time high.
Passing above the historical high could signal a further growth towards the R2 ($63,194) level approaching the third warning line (WL3).
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