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Bitcoin (BTC/USD) moves sideways in the short term and it seems determined to get back higher after aggressive correction. As you already know, BTC/USD dropped from $41,986 all-time high to $30,100 in three days producing a big shock among traders and investors.
Technically, a temporary drop, retreat, was expected after the last upwards momentum, maybe not so deep but it was a natural one. The outlook is still bullish despite the sharp drop, BTC/USD could approach the all-time high again in the upcoming period.
BTC/USD declined but it has failed to reach the S1 ($29,903) or the black uptrend line signaling exhausted sellers and strong buyers. The price has rebounded, climbing as much as the $36,604 level where it has found strong resistance.
The price of Bitcoin has slipped below the median line (ML) again after the false breakout above the Pivot Point ($35,954) level. Now, it has rallied again and is pressuring the median line (ML).
Personally, I believe that jumping and closing again above the $36,000 psychological level signals further growth towards the upper median line (UML), approaching the $41,986 historical high.
The price could drop deeper only if it stabilizes under the median line (ML). This scenario could send the rate towards the black uptrend line.
A bullish closure above the $36,604 yesterday's high suggests buying as BTC/USD will be expected to approach the $41,986 all-time high or to hit fresh new records. The bullish bias will remain intact as long as the price stays above the uptrend line.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
