FX.co ★ Bitcoin to show signs of peak

BTC/USD is trapped within a major upward channel, that is, between the uptrend line and the upside line. As you can see, the price of Bitcoin has failed to stabilize above the upside line in the last two breakout attempts signaling an overbought market.

So, the near-term resistance is above the 15,808 level and the support is seen at the 14,573 level. Passing and stabilizing above the resistance level will signal further growth, while a drop under the support level could represent a selling opportunity.

Bitcoin has decreased to retest the 15,000 psychological level, so the bias remains bullish for now.

• BTC/USD Trading Conclusion

Buy BTC/USD if the rate passes and stabilizes above the 15,810 level. This scenario signals a strong upside movement towards the 17,000 level.

On the other hand, false breakouts above the upside line indicate exhausted buyers. Bitcoin could move sideways between the 15,808 and 14,573 levels. A drop under the 14,500 level could suggest selling in the short term as the price will develop a larger corrective phase.